259 Gifts to housing associations.U.K.
(1)Subsection (2) below shall apply where—
(a)a disposal of an estate or interest in land in the United Kingdom is made to a [F1relevant] housing association otherwise than under a bargain at arm’s length, and
(b)a claim for relief under this section is made by the transferor and the association.
(2)Section 17(1) shall not apply; but if the disposal is by way of gift or for a consideration not exceeding the sums allowable as a deduction under section 38, then—
(a)the disposal and acquisition shall be treated for the purposes of this Act as being made for such consideration as to secure that neither a gain nor a loss accrues on the disposal, and
(b)where, after the disposal, the estate or interest is disposed of by the association, its acquisition by the person making the earlier disposal shall be treated for the purposes of this Act as the acquisition of the association.
[F2(3)In this section “relevant housing association” means—
(a)a registered social landlord within the meaning of Part I of the Housing Act 1996,
(b)a registered housing association within the meaning of the Housing Associations Act 1985 (Scottish registered housing associations), or
(c)a registered housing association within the meaning of Part II of the Housing (Northern Ireland) Order 1992.]
(4)In subsection (2)(b) above the first reference to a disposal includes a disposal to which section 146A(2) of the 1979 Act applied where the association which acquired the estate or interest in land on that disposal disposes of it after the coming into force of this section.
Textual Amendments
F1Word in s. 259(1)(a) substituted (1.10.1996) by The Housing Act 1996 (Consequential Provisions) Order 1996 (S.I. 1996/2325), art. 1(2), Sch. 2 para. 20(3)(a)
F2S. 259(3) substituted (1.10.1996) by The Housing Act 1996 (Consequential Provisions) Order 1996 (S.I. 1996/2325), art. 1(2), Sch. 2 para. 20(3)(b)