{
  "url": "https://openlegislation.uk/finance-act-2003/schedule-8/paragraph-3",
  "json_url": "https://openlegislation.uk/finance-act-2003/schedule-8/paragraph-3.json",
  "legislation": "ukpga/2003/14",
  "legislation_title": "Finance Act 2003",
  "legislation_url": "https://openlegislation.uk/finance-act-2003",
  "path": "schedule/8/paragraph/3",
  "kind": "paragraph",
  "number": "3",
  "heading": null,
  "text": "(1) This paragraph applies where—\n(a) a land transaction is not exempt from charge under paragraph 1 because the first condition in that paragraph is not met, but\n(b) the purchaser (“C”) intends to hold the greater part of the subject-matter of the transaction for qualifying charitable purposes.\n(2) In such a case—\n(a) the transaction is exempt from charge, but\n(b) for the purposes of paragraph 2 (withdrawal of charities relief) “disqualifying event” includes—\n(i) any transfer by C of a major interest in the whole or any part of the subject-matter of the transaction, or\n(ii) any grant by C at a premium of a low-rental lease of the whole or any part of that subject-matter,\nthat is not made in furtherance of the charitable purposes of C.\n(3) For the purposes of sub-paragraph (2)(b)(ii)—\n(a) a lease is granted “at a premium” if there is consideration other than rent, and\n(b) a lease is a “low-rental”lease if the annual rent (if any) is less than £1,000 a year.\n(4) In relation to a transaction that, by virtue of this paragraph, is a disqualifying event for the purposes of paragraph 2—\n(a) the date of the event for those purposes is the effective date of the transaction;\n(b) paragraph 2 has effect as if—\n(i) in sub-paragraph (1)(b), for “at the time of” there were substituted “ immediately before ”,\n(ii) in sub-paragraph (4)(a), for “at the time of” there were substituted “ immediately before and immediately after ”, and\n(iii) sub-paragraph (4)(b) were omitted.\n(5) In this paragraph—\n“qualifying charitable purposes” has the same meaning as in paragraph 1;\n“rent” has the same meaning as in Schedule 5 (amount of tax chargeable: rent) and “annual rent” has the same meaning as in paragraph 9A of that Schedule.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 8 para. 3 and cross-heading inserted (with effect in accordance with s. 302(7) of the amending Act) by Finance Act 2004 (c. 12), s. 302(1)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 8 para. 3(3)(b) substituted (with effect in accordance with s. 95(13) of the amending Act) by Finance Act 2008 (c. 9), s. 95(7)(a)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Word in Sch. 8 para. 3(5) substituted (with effect in accordance with s. 95(13) of the amending Act) by Finance Act 2008 (c. 9), s. 95(7)(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/14/schedule/8/paragraph/3",
    "retrieved_at": "2026-10-29T09:18:27.996599+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}