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Amendment of section 1003 (payment of tax by means of donation of heritage items) of Principal Act.
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131.— Section 1003 of the Principal Act is amended—
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(a) in subsection (2) by inserting the following after paragraph (ab):
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“(ac) Paragraph (ab) shall not apply in the case of a collection of items, consisting wholly of archival material or manuscripts, which was either—
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(i) created over time by one individual, family or organisation, or
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(ii) was assembled by an individual, family or organisation,
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and constitutes a collection of archival material or manuscripts where each item has been in such collection for a period of not less than 30 years and merits maintenance as a collection.”.
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(b) by inserting the following after subsection (2):
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“(2A) Notwithstanding subsection (2)(c), the selection committee may make a determination in respect of an item or collection of items, consisting wholly of archival material or manuscripts, and the market value limit in respect of any one item in such a collection at the valuation date as set out in subsection (2)(c)(i)(II) shall not apply.”.
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