Finance Act, 1995
|
Amendment of section 135 (withdrawal of relief) of Finance Act, 1994. |
163.—(1) Section 135 of the Finance Act, 1994 , is hereby amended— | |
(a) by the substitution, in subsection (1), of “commencing on the valuation date.” for “after the valuation date or the period between the date of the gift or inheritance and the date of a subsequent gift or inheritance consisting of the same property or of property representing that property, whichever is the lesser period.”, and | ||
(b) by the substitution of the following proviso for the proviso to subsection (2): | ||
“Provided that— | ||
(i) any land, building, machinery or plant which are comprised in the gift or inheritance and which qualify as relevant business property by virtue of section 127 (1) (e) shall, together with any similar property which has replaced such property, continue to be relevant business property for the purposes of this section for so long as they are used for the purposes of the business concerned, and | ||
(ii) this section shall not have effect where the donee or successor dies before the event which would otherwise cause the reduction to cease to be applicable.”. | ||
(2) This section shall have effect in relation to gifts or inheritances taken on or after the 12th day of April, 1995. |