Section 148 Maintenance funds for historic buildings.F1C2
United Kingdom
This section applies where a person disposes of an asset to trustees in circumstances such that the disposal is a transfer of value which by virtue of F2section 95 of the Finance Act 1982 (capital transfer tax: maintenance funds for historic buildings) is an exempt transfer.
This section applies also where a trustee is deemed by virtue of section 54(1) above to dispose of an asset comprised in a settlement and, as a result of the asset or part of it becoming comprised in another settlement, there is by virtue of paragraph 1(1) or (5) or 3(1) of Schedule 16 to the Finance Act 1982 no charge to capital transfer tax in respect of the asset deemed to be disposed of or a reduced charge to that tax by virtue of pargraph 1(2) or (8) or 3(4) of that Schedule; but—
if part only of the asset becomes comprised in the other settlement this subsection applies only to the deemed disposal of that part; and
if the trustees of the other settlement give any consideration for the asset or part that becomes comprised in it this subsection applies only if the consideration does not exceed the sums that would be allowable as a deduction in computing the gain accruing on the deemed disposal.
This section applies also where a trustee disposes (or is deemed to dispose) of an asset comprised in a settlemdnt if on the disposal the asset becomes settled property in respect of which a direction has effect under sectin 93 of the Finance Act 1982.
The person making the disposal and the person acquiring the asset on the disposal shall be treated for all the purposes of this Act as if the asset was acquired from the one making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss would accrue to the one making the disposal.
Annotations
Textual amendments
- F1
S. 148 repealed by Finance Act 1984 (c. 43, SIF 63:1), ss. 68, 128(6) and Sch. 23 Part VIII in relation to disposals made on or after 6 April 1984
- F2
Words substituted by Finance Act 1982 (c. 39, SIF 63:2), s. 85(2)(3)
- F3
S. 148(1A) inserted by Finance Act 1980 (c. 48, SIF 63:1), s. 82
- F4
S. 148(1B) inserted by Finance Act 1982 (c. 39, SIF 63:2), s. 85(4)
Modifications
Notes on the whole Act
Textual amendments
- F1
Act repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with s. 201(3), Sch. 11 paras. 20, 22, 26(2), 27 and with saving in Sch. 11 para. 24(2)) and subject to an amendment (prosp.) by Museum and Galleries Act 1992 (c. 44), s. 11(2), Sch. 8 Pt. I para. 1(1)(2)(7), and amendments by: Disability Living Allowance and Disability Working Allowance Act 1991 (c. 21), s. 4(2), Sch. 2 para. 9(1)(2) (in force 6.4.1992 by S.I. 1991/2617, art. 2(f)); S.I. 1991/2874, art. 2 (in force 6.4.1992 by S.R. 1992/94, art. 2); Social Security (Consequential Provisions) Act 1992 (c. 6), s. 4, Sch. 2 para. 52(a)(b) (in force 1.7.1992 by s. 7(2) of the amending Act); Social Security (Consequential Provisions) (Northern Ireland) Act 1992 (c. 9), s. 4, Sch. 2 para. 20(a)(b) (in force 1.7.1992 by s. 7(2) of the amending Act); Finance (No. 2) Act 1992 (c. 48), ss. 35(2), 47, 48, 56, 77, Sch. 9 para. 20(1)(inserting ss. 143A and 143B), Sch. 17 paras. 3, 6(2)(5), 7, (the amendments coming into force 16.7.1992 except for the amendment by s. 56, Sch. 9 para. 20(1) which comes into force on 19.2.1993 by S.I. 1993/236, art. 2); and amendments (retrospective to 1.1.1992) by ss. 35(2), 47, 48 of the same 1992 Act, and amendments (27.7.1993 with effect as mentioned in ss. 84(3), 86(4), 88(4), 105(4) of the amending Act) by 1993 c. 34, ss. 84(3), 86(4), 88(4)(a)(b), 105(3)(4)