Finance Bill 2002
Amendment 198 Page 72 Line 23
Amendment 202 Page 73 Line 1
Mr Paul Boateng (Labour, Brent South)
Page 72, line 23, at end insert-
'This subsection is subject to subsections (9AA) to (9B) below.
(9AA) Where a person makes a disposal to a charity of-
(a) the whole of his beneficial interest in such freehold or leasehold interest in land as is described in subsection (9A)(a) or (b) above, and
(b) any easement, servitude, right or privilege so far as
benefiting that land,
the disposal falling within paragraph (b) above is to be regarded for the purposes of this section as a disposal by the person of the whole of his beneficial interest in a qualifying interest in land.
(9AB) Where a person, who has a freehold or leasehold interest in land in the United Kingdom, grants a lease for a term of years absolute (or, in the case of land in Scotland, grants a lease) to a charity of the whole or part of that land, the grant of that lease is to be regarded for the purposes of this section as a disposal by the person of the whole of the beneficial interest in the leasehold interest so granted.'.
Page 73, line 1, leave out subsection (2).
EXPLANATORY NOTE
SUMMARY
1. The purpose of these amendments is to make clear that where a person makes a disposal to a charity of freehold or leasehold property, including any easement which benefits that land, such as a right of access, then that easement is included in the definition of the disposal of the whole of a beneficial interest in a qualifying interest in land. The amendments also insert what was subsection (2) of new clause 587(C) into section 587B as subsection (9AB).
DETAILS OF THE AMENDMENTS
2. Amendment 198 inserts new subsection (9AA) and (9AB) into section 587B of the Taxes Act. New subsection (9AA) makes clear that "qualifying interest in land" includes rights benefiting the land. New subsection (9AB) basically inserts what was subsection (2) of new section 587C into section 587B.
3. Amendment 202 makes the consequential deletion of subsection (2) of new subsection 587C.