Finance Act, 1996

Amendment of section 176 (relief for donations of heritage items) of Finance Act, 1995.

139.—As respects each year (being the calendar year 1996 and subsequent calendar years) section 176 of the Finance Act, 1995 , is hereby amended, in subsection (2), by the substitution in subparagraph (ii) of paragraph (c) of “£750,000” for “£500,000”, and the said subparagraph (ii), as so amended, is set out in the Table to this section.


(ii) exceeds an amount (which shall not be less than £75,000) determined by the formula—

£750,000 — M

where M is an amount (which may be nil) equal to the market value at the valuation date of the heritage item (if any) or the aggregate of the market values at the respective valuation dates of all the heritage items (if any), as the case may be, in respect of which a determination or determinations, as the case may be, under this subsection has been made by the selection committee in any one calendar year and not revoked in that year.