SCHEDULES
SCHEDULE 26 Capital Transfer Tax: Conditional Exemption
Principal amendments
2
1
Section 31 of that Act shall be amended as follows.
2
For subsection (1) (d) (conditional exemption for land adjoining building) there shall be substituted—
d
any area of land which in the opinion of the Treasury is essential for the protection of the character and amenities of such a building as is mentioned in paragraph (c) above.
3
In subsections (2) (b) and (4) for “reasonable steps” there shall be substituted “such steps as are agreed between the Treasury and the person giving the undertaking, and are set out in it,”.
4
The following shall be inserted after subsection (4)—
4A
In the case of an area of land within subsection (1) (d) above (relevant land) there is an additional requisite undertaking, which is that, until the person beneficially entitled to property falling within subsection (4C) below dies, or it is disposed of, whether by sale or gift or otherwise, specified steps will be taken for its maintenance, repair and preservation and for securing reasonable access to the public; and “specified steps” means such steps as are agreed between the Treasury and the person giving the undertaking, and are set out in it.
4B
Where different persons are entitled (either beneficially or otherwise) to different properties falling within subsection (4C) below, subsection (4A) above shall have effect to require separate undertakings as to the maintenance, repair, preservation and access of each of the properties to be given by such persons as the Treasury think appropriate in the circumstances of the case.
4C
The following property falls within this subsection—
a
the building for the protection of whose character and amenities the relevant land is in the opinion of the Treasury essential;
b
any other area (or areas) of land which, in relation to the building, falls (or fall) within subsection (1) (d) above and which either lies (or lie) between the relevant land and the building or is (or are) in the opinion of the Treasury physically closely connected with the relevant land or the building.
4D
Where subsection (4A) above requires an undertaking for the maintenance, repair, preservation and access of property, such an undertaking for its maintenance, repair, preservation and access is effective.
4E
Any undertaking given in pursuance of subsection (4A) above is for the purposes of this Act given with respect to the relevant land.
4F
It is for the person seeking the designation of relevant land to secure that any undertaking required under subsection (4A) above is given.