Section 27 Maintenance funds for historic buildings, etc.
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(1) [Subject to subsection (1A) below ]1 a transfer of value is an exempt transfer to the extent that the value transferred by it is attributable to property which by virtue of the transfer becomes comprised in a settlement and in respect of which—
(a) a direction under paragraph 1 of Schedule 4 to this Act has effect at the time of the transfer, or
(b) such a direction is given after the time of the transfer.
Amendments
1 Inserted by Finance Act 1998 section 144(1) with effect in relation to transfers of value made on or after 17 March 1998.
(1A) Subsection (1) above does not apply in the case of a direction given after the time of the transfer unless the claim for the direction (if it is not made before that time) is made no more than two years after the date of that transfer, or within such longer period as the Board may allow.
Amendments
Subs. (1A) inserted by Finance Act 1998 section 144(1), in relation to transfers of value made on or after 17 March 1998.
(2) Subsections (2) and (3) of section 23 a nd subsection (4) of section 24 above shall apply in relation to subsection (1) above as they apply in relation to section 24(1).
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