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- Original (As enacted) - English
- Original (As enacted) - Welsh
This is the original version (as it was originally enacted).
2(1)In this Schedule, a charity (“C”) which is a buyer in a land transaction is a “qualifying charity”—
(a)for the purposes of paragraphs 3, 4 and 5, if C intends to hold the whole of the subject-matter of the transaction for qualifying charitable purposes;
(b)for the purposes of paragraphs 6, 7 and 8, if C intends to hold the whole of its undivided share of the subject-matter of the transaction for qualifying charitable purposes.
(2)For the purposes of this Schedule, C holds the subject-matter of the transaction for ”qualifying charitable purposes” if C 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.
(3)In this Schedule—
(a)“charity” has the meaning given by Part 1 of Schedule 6 to the Finance Act 2010 (c. 13), and
(b)“charitable purpose” has the meaning given by section 2 of the Charities Act 2011 (c. 25).
(4)In this Schedule, in relation to C which is a buyer in a land transaction, a “disqualifying event” occurs when—
(a)C ceases to be established for charitable purposes only, or
(b)the whole or any part of the subject-matter of the transaction relieved from tax under this Schedule, or any interest or right derived from it, is used or held by C otherwise than for qualifying charitable purposes.
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