Finance Act 1984

56 Certain reliefs extended to Northern Ireland housing associations and societies

(1) Section 341A of the Taxes Act (tax exemptions for self-build societies) shall extend to Northern Ireland and in subsection (11) (definitions) after the words " Part I of the [1974 c. 44.] Housing Act 1974 " there shall be inserted the words " or, in Northern Ireland, Part VII of the [S.I. 1981/1561 (N.I. 3).] Housing (Northern Ireland) Order 1981 " and at the end of the section there shall be added the following subsection:—

“(12) In the application of this section to Northern Ireland—

(a) any reference in subsections (4) to (6) above to the Secretary of State shall be construed as a reference to the Department of the Environment for Northern Ireland;

(b) the reference in subsection (4)(a) to the [1965 c. 12.] Industrial and Provident Societies Act 1965 shall be construed as a reference to the [1969 c. 24 (N.I.).] Industrial and Provident Societies Act (Northern Ireland) 1969 ; and

(c) in subsection (6) any reference to a statutory instrument shall be construed as a reference to a statutory rule for the purposes of the [S.I. 1979/1573 (N.I. 12).] Statutory Rules (Northern Ireland) Order 1979 and for the words from " annulment" onwards there shall be substituted the words " negative resolution within the meaning of section 41(6) of the [1954 c. 33 (N.I.).] Interpretation Act (Northern Ireland) 1954”."

(2) In consequence of the amendments effected by subsection (1) above, in section 29 of the [1982 c. 39.] Finance Act 1982 (supplementary regulations as to deduction of tax from certain loan interest) subsection (1)(b) (self-build societies) shall be amended as follows:—

(a) after the words "Part I of the Housing Act 1974" there shall be added the words " or, in Northern Ireland, Part VII of the [S.I. 1981/1561 (N.I. 3).] Housing (Northern Ireland) Order 1981 "; and

(b) at the end there shall be added the words " or Northern Ireland ".

(3) After section 342A of the Taxes Act there shall be inserted the following section—

“342B Disposals by Northern Ireland housing associations.

(1) In any case where—

(a) a registered Northern Ireland housing association disposes of any land to another such association, or

(b) in pursuance of a direction of the Department of the Environment for Northern Ireland given under Chapter II of Part VII of the Housing (Northern Ireland) Order 1981 requiring it to do so, a registered Northern Ireland housing association disposes of any of its property, other than land, to another such association,

both parties to the disposal shall be treated for the purposes of corporation tax in respect of chargeable gains as if the land or property disposed of were acquired from the association making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss accrued to that association.

(2) In subsection (1) above " registered Northern Ireland housing association" means a registered housing association within the meaning of Part VII of the Order referred to in paragraph (b) of that subsection.”

(4) Subsection (1) above has effect for the year 1984-85 and subsequent years of assessment and subsection (3) above has effect with respect to disposals on or after 6th April 1984.