Income Tax Act 2007

137 (1) Amend section 587B (gifts of shares, securities and real property to charities etc) as follows.

(2) In subsection (1)—

(a) for “Subsections (2) and (3) below apply” substitute “Subsection (2) below applies”, and

(b) for “an individual, or a company which is not itself a charity,” substitute “a company which is not itself a charity”.

(3) In subsection (2)—

(a) omit paragraph (a)(i),

(b) in paragraph (a)(ii) omit “in the case of a disposal by a company,”,

(c) in paragraph (b) omit the words from “of this Act” to the end, and

(d) omit the words from “but paragraph (a)(i)” to the end.

(4) Omit subsection (3).

(5) In subsection (5)—

(a) for “the person” substitute “the company”, and

(b) for “him” substitute “it”.

(6) In subsection (6) for “person” substitute “company”.

(7) In subsection (7)(a) for “person” substitute “company”.

(8) In subsection (8)(a) for “subsections (2) and (3)” substitute “subsection (2)”.

(9) In subsection (8B)(a)—

(a) for “the person” substitute “the company”, and

(b) for “him” substitute “it”.

(10) In subsection (9)—

(a) for the definitions of “authorised unit trust” and “open-ended investment company” substitute—

““authorised unit trust” has the meaning given by section 468;”,

(b) in the definition of “charity” for “each of the bodies mentioned in section 507(1);” substitute “—

(a) the Trustees of the National Heritage Memorial Fund;

(b) the Historic Buildings and Monuments Commission for England; and

(c) the National Endowment for Science, Technology and the Arts;”,

(c) in the definition of “the incidental costs of making the disposal to the person making it” for “person” substitute “company”, and

(d) after the definition of “offshore fund” insert—

““open-ended investment company” is to be read in accordance with section 468A(2) to (4);”.

(11) In subsection (9B)—

(a) for “person”, in both places where it occurs, substitute “company”, and

(b) for “his”, in both places where it occurs, substitute “its”.

(12) In subsection (9C)—

(a) for “a person, who” substitute “a company, which”, and

(b) for “the person” substitute “the company”.

(13) In subsection (12) for “section 587C” substitute “sections 587BA and 587C”.