§ Mr. Hastingsasked the Chancellor of the Exchequer whether he will list those bodies which are exempted from capital transfer tax when in receipt of gifts of land or property, considered to be part of the national heritage; and what criteria are used to select these bodies.
§ Mr. Peter Rees[pursuant to his reply, 6 March 1980, c. 316–17]. Any property, including heritage property, may be transferred free of capital transfer tax to those bodies listed in paragraph 12 of schedule 6 to the Finance Act 1975; and paragraph 13 of the same schedule provides an exemption from capital transfer tax for transfers of heritage property of qualifying standard to bodies not established or conducted for profit and approved by the Treasury. In order to obtain Treasury 576W approval, such bodies must have as one of their main aims the preservation for public benefit of land, buildings or objects of outstanding national, scientific, historic, architectural, aesthetic or artistic interest.
§ Mr. Hastingsasked the Chancellor of the Exchequer whether he will consider including large charitable bodies, which acquire and manage land for nature conservation, in the list of bodies exempted from capital transfer tax for the purposes of receiving substantial gifts of land which is of national scientific interest.
§ Mr. Peter Rees[pursuant to his reply, 6 March 1980, c. 317.] It is already possible for a charitable body which acquires and manages land for conservation and which falls within the provisions of paragraph 13 of schedule 6 to the Finance Act 1975 to receive gifts of land which is of outstanding scientific interest free of capital transfer tax. And apart from this special provision, gifts to United Kingdom charities made more than one year before the donor's death are wholly exempt from capital transfer tax.