§ Mr. Faulds
asked the Chancellor of the Exchequer, in view of Her Majesty's Government's endorsement of recommendation 880 (1979) of the Parliamentary Assembly of the Council of Europe, what financial assistance is available to private owners for the maintenance of listed buildings by means of tax concessions.
§ Mr. Wakeham
Exemption from capital transfer tax may be claimed under sections 76 to 83 of the Finance Act 1976 for the transfer on death or by lifetime gift of a building which is of outstanding historic or architectural interest, subject to certain undertakings about preservation and public access being given. In addition, exemption from capital transfer tax may also be claimed under section 84 of the Finance Act 1976 for transfers into a maintenance fund, the object of which is to maintain and preserve a building which is of outstanding historic or architectural interest, again subject to undertakings about preservation and public access. There is no charge to capital gains tax at that point on property transferred to a maintenance fund and favourable rates of income tax may apply to the income of the fund.