Paragraph 1

United Kingdom

(1)

A land transaction is exempt from charge if the purchaser is a charity and the following conditions are met.

Relief under F1this Schedule is referred to in this Part as “charities relief”.

(2)

The first condition is that the purchaser must intend to hold the subject-matter of the transaction for qualifying charitable purposes, F2...

(3)

The second condition is that the transaction must not have F3been entered into for the purpose of avoiding tax under this Part (whether by the purchaser or any other person).

F4(3A)

For the purposes of this Schedule, a charity (“C”) holds a chargeable interest for qualifying charitable purposes if it holds it—

(a)

for use in furtherance of the charitable purposes of C or another charity, or

(b)

as an investment from which the profits are applied to the charitable purposes of C.

F5(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Words in Sch. 8 para. 1(1) substituted (with effect in accordance with s. 302(7) of the amending Act) by Finance Act 2004 (c. 12), s. 302(3)
F2: Words in Sch. 8 para. 1(2) omitted (with effect in accordance with Sch. 23 para. 5 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 23 para. 2(a)
F3: Word in Sch. 8 para. 1(3) substituted (with effect in accordance with Sch. 23 para. 5 of the amending Act) by Finance Act 2014 (c. 26), Sch. 23 para. 2(b)
F4: Sch. 8 para. 1(3A) inserted (with effect in accordance with Sch. 23 para. 5 of the amending Act) by Finance Act 2014 (c. 26), Sch. 23 para. 2(c)
F5: Sch. 8 para. 1(4) omitted (with effect in accordance with art. 14 of the amending S.I.) by virtue of Finance Act 2010 (c. 13), Sch. 6 paras. 19, 34(2); S.I. 2012/736, art. 14