70 Property leaving temporary charitable trusts
Inheritance Tax Act 1984 (1984 c 51) | Legislation

Special cases—charges to tax

70  Property leaving temporary charitable trusts

(1)     This section applies to settled property held for charitable purposes only until the end of a period (whether defined by a date or in some other way).

(2)     Subject to subsections (3) and (4) below, there shall be a charge to tax under this section—

(a)     where settled property ceases to be property to which this section applies, otherwise than by virtue of an application for charitable purposes, and

(b)     in a case in which paragraph (a) above does not apply, where the trustees make a disposition (otherwise than by an application of property for charitable purposes) as a result of which the value of settled property to which this section applies is less than it would be but for the disposition.

(3)     Tax shall not be charged under this section in respect of—

(a)     a payment of costs or expenses (so far as they are fairly attributable to property to which this section applies), or

(b)

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Reversionary lease by reference

 LR1. Date of the lease[date]LR2. Title Number(s)LR2.1 Landlord's title number(s)[title numbers out of which this Lease is granted. Leave blank if not registered]LR2.2 Other title numbers[existing title number(s) against which entries of matters referred to in LR9, LR10, LR11 and LR13 are to be

LEXISNEXIS

Schemes of arrangement—procedure

Schemes of arrangement—procedureProduced with input from Rebecca Cousin of Slaughter and May on market practice.This Practice Note looks at the detailed procedures to be followed to implement the acquisition by a buyer (offeror) of all the shares, or one or more classes of shares, in a company

LEXISNEXIS

Public inquiry procedure

Public inquiry procedureThe procedure by which a public inquiry is conducted will vary significantly from one inquiry to the next. Even for inquiries established under the Inquiries Act 2005 (IA 2005), the associated inquiry rules are not particularly prescriptive as to how they ought to be

LEXISNEXIS

Grounds of appeal—introducing new evidence

Grounds of appeal—introducing new evidenceCoronavirus (COVID-19): The guidance detailing normal practice set out in this Practice Note may be affected by measures concerning process and procedure in the civil courts that have been introduced as a result of the coronavirus (COVID-19) pandemic. The