Finance Act 2006

Amendment of section 606 (disposals of work of art, etc., loaned for public display) of Principal Act.

73.— (1) Section 606 of the Principal Act is amended in subsection (1)—

(a) in paragraph (a) by substituting “loaned to the Trust (within the meaning of section 1003A) or to a gallery or museum” for “loaned to a gallery or museum”, and

(b) in paragraph (b) by substituting “not less than 10 years” for “not less than 6 years”.

(2) Paragraph (b) of subsection (1) applies to a loan made on or after 2 February 2006.