Version Superseded: 08/03/2012
Point in time view as at 01/10/2009.
Finance Act 2003, Paragraph 1 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
1(1)A land transaction is exempt from charge if the purchaser is a charity and the following conditions are met.U.K.
Relief under [F1this Schedule] is referred to in this Part as “charities relief”.
(2)The first condition is that the purchaser must intend to hold the subject-matter of the transaction for qualifying charitable purposes, that is—
(a)for use in furtherance of the charitable purposes of the purchaser or of another charity, or
(b)as an investment from which the profits are applied to the charitable purposes of the purchaser.
(3)The second condition is that the transaction must not have not been entered into for the purpose of avoiding tax under this Part (whether by the purchaser or any other person).
(4)In this paragraph a “charity” means a body or trust established for charitable purposes only.
Textual Amendments
F1Words in Sch. 8 para. 1(1) substituted (with effect in accordance with s. 302(7) of the amending Act) by Finance Act 2004 (c. 12), s. 302(3)
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