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Inheritance Tax Act 1984

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Changes over time for: Section 24

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Changes to legislation:

Inheritance Tax Act 1984, Section 24 is up to date with all changes known to be in force on or before 08 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

24 Gifts to political parties.U.K.

(1)Transfers of value are exempt to the extent that the values transferred by them—

(a)are attributable to property which becomes the property of a political party qualifying for exemption under this section; . . . F1

(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(2)A political party qualifies for exemption under this section if, at the last general election preceding the transfer of value,—

(a)two members of that party were elected to the House of Commons, or

(b)one member of that party was elected to the House of Commons and not less than 150,000 votes were given to candidates who were members of that party.

(3)Subsections (2) to (5) of section 23 above shall apply in relation to subsection (1) above as they apply in relation to section 23(1).

(4)For the purposes of section 23(2) to (5) as they apply by virtue of subsection (3) above property is given to any person or body if it becomes the property of or is held on trust for that person or body, and “donor” shall be construed accordingly.

Textual Amendments

F1 Repealed by Finance Act 1988 s. 137and Sch.14, Part Xin relation to transfers of value made on or after 15March 1988.

Modifications etc. (not altering text)

C1S. 24 applied (6.3.1992 with effect as mentioned in s. 289(1)(2) of the applying Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 264(8), 289(with ss. 60, 101(1), 201(3)).

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