Finance Act, 2000

Amendment of section 54 (provisions relating to charities, etc.) of Principal Act.

143.—(1) Section 54 of the Principal Act is amended by the substitution of the following subsection for subsection (1):

“(1) Where any person takes a benefit for public or charitable purposes that person shall be deemed—

(a) for the purposes of sections 5(1) and 11(1), to have taken that benefit beneficially, and

(b) for the purposes of the Second Schedule, to have taken a gift or an inheritance accordingly to which the group threshold of £15,000 applies.”.

(2) This section shall have effect in relation to gifts or inheritances taken on or after 1 December 1999.