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3(1)The requirements referred to in paragraph 2(1)(a)(i) above are (subject to paragraph 4 below)—U.K.
(a)that none of the property held on the trusts can at any time in the period of six years beginning with the date on which it became so held be applied otherwise than—
(i)for the maintenance, repair or preservation of, or making provision for public access to, property which is for the time being qualifying property, for the maintenance, repair or preservation of property held on the trusts or for such improvement of property so held as is reasonable having regard to the purposes of the trusts, or for defraying the expenses of the trustees in relation to the property so held;
(ii)as respects income not so applied and not accumulated, for the benefit of a body within Schedule 3 to this Act or of a qualifying charity; and
(b)that none of the property can, on ceasing to be held on the trusts at any time in that period or, if the settlor dies in that period, at any time before his death, devolve otherwise than on any such body or charity; and
(c)that income arising from property held on the trusts cannot at any time after the end of that period be applied except as mentioned in paragraph (a)(i) or (ii) above.
(2)Property is qualifying property for the purposes of subparagraph (1) above if—
(a)it has been designated under section 34(1) of the M1Finance Act 1975 or section 77(1)(b), (c), (d) or (e) of the M2Finance Act 1976 or section 31(1)(b), (c), (d) or (e) of this Act; and
(b)the requisite undertaking has been given with respect to it under section 34 of the Finance Act 1975 or under section 76, 78(5)(b) or 82(3) of the Finance Act 1976 or under section 30, 32(5)(b), [F132A(6), (8)(b) or (9)(b)] or 79(3) of this Act or paragraph 5 of Schedule 5 to this Act; and
(c)tax has not (since the last occasion on which such an undertaking was given) become chargeable with respect to it under the said section 34 or under section 78 or 82(3) of the Finance Act 1976 or under section 32, [F132A] or 79(3) of this Act or paragraph 3 of Schedule 5 to this Act.
(3)If it appears to the Treasury that provision is, or is to be, made by a settlement for the maintenance, repair or preservation of any such property as is mentioned in subsection (1)(b), (c), (d) or (e) of section 31 of this Act they may, on a claim made for the purpose—
(a)designate that property under this sub-paragraph, and
(b)accept with respect to it an undertaking such as is described in subsection (4), [F1or (as the case may be) undertaking such as described in subsections (4) and (4A)] of that section;
and, if they do so, sub-paragraph (2) above shall have effect as if the designation were under that section and the undertaking [F1or undertakings] under section 30 of this Act and as if the reference to tax becoming chargeable were a reference to the occurrence of an event on which tax would become chargeable under section 32 [F1or 32A] of this Act if there had been a conditionally exempt transfer of the property when the claim was made and the undertaking [F1or undertakings] had been given under section 30.
(4)A charity is a qualifying charity for the purposes of sub-paragraph (1) above if it exists wholly or mainly for maintaining, repairing or preserving for the public benefit buildings of historic or architectural interest, land of scenic, historic or scientific interest or objects of national, scientific, historic or artistic interest; and in this sub-paragraph “national interest” includes interest within any part of the United Kingdom.
(5)Designations, undertakings and acceptances made under section 84(6) of the Finance Act 1976 or section 94(3) of the M3Finance Act 1982 shall be treated as made under sub-paragraph (3) above.
[F2(5A)In the case of property which, if a direction is given under paragraph 1 above, will be property to which paragraph 15A below applies, sub-paragraph (1)(b) above shall have effect as if for the reference to the settlor there were substituted a reference to either the settlor or the person referred to in paragraph 15A(2).]
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