PART XIII MISCELLANEOUS SPECIAL PROVISIONS
C1CHAPTER VI OTHER PROVISIONS
Miscellaneous
F1587C Supplementary provision for gifts of real property
1
This section applies for the purposes of section 587B where a qualifying investment is a qualifying interest in land.
2
F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
5
The certificate must—
a
specify the description of the qualifying interest in land which is the subject of the disposal,
b
specify the date of the disposal, and
c
contain a statement that the charity has acquired the qualifying interest in land.
6
If, in the case of a disposal of a qualifying interest in land, a disqualifying event occurs at any time in the relevant period, the F5following shall be treated as never having been entitled to relief under section 587B in respect of the disposal—
F6a
in a case to which section 587BA does not apply, the company which made the disposal, and
b
in a case to which section 587BA applies, each qualifying company which is an owner.
7
All such assessments and adjustments of assessments are to be made as are necessary to give effect to subsection (6) above.
8
For the purposes of subsection (6) above a disqualifying event occurs if F7a person mentioned in subsection (8A)—
a
becomes entitled to an interest or right in relation to all or part of the land to which the disposal relates, or
b
becomes party to an arrangement under which he enjoys some right in relation to all or part of that land,
otherwise than for full consideration in money or money’s worth.
F88A
The persons are—
a
in a case to which section 587BA does not apply—
i
the company which made the disposal, or
ii
a person connected with that company, and
b
in a case to which section 587BA applies—
i
a person who is an owner, or
ii
a person connected with such a person.
9
A disqualifying event does not occur, for the purposes of subsection (6) above, if a person becomes entitled to an interest or right as mentioned in subsection (8)(a) above as a result of a disposition of property on death, whether the disposition is effected by will, under the law relating to intestacy or otherwise.
10
For the purposes of subsection (6) above the relevant period is the period beginning with the date of the disposal of the qualifying interest in land and ending with—
a
F9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b
F10. . . the sixth anniversary of the end of the accounting period in which the disposal was made.
11
Section 839 (connected persons) applies for the purposes of this section.
12
This section shall be construed as one with section 587B.
Pt 13 Ch. 6: ss. 573, 575 and 576 transposed to Pt. 13 Ch. 5A (6.4.2007 with effect in accordance with s. 1034(1) of the affecting Act) by Income Tax Act 2007 (c. 3), Sch. 1 paras. 117(3), 119(7), 120(7) (with Sch. 2)