Income and Corporation Taxes Act 1970

166Miscellaneous exemptions and reliefs

(1)Where an individual disposes by way of gift of an asset the market value of which at the time of the gift does not exceed £100, any gains accruing to the donor on the disposal shall be exempt from tax chargeable under Case VII, but this subsection, taken together with section 27(2) of the [1965 c. 25.] Finance Act 1965 (which confers a similar exemption for the purposes of capital gains tax), shall not apply to gifts made by the same individual in the same year of assessment the total market value of which exceeds £100, taking the market value of any gift at the time of the gift.

(2)Except as provided by section 164(7) above, a person disposing of land by letting it for a term of less than twenty-one years shall not be chargeable under Case VII in respect of any acquisition and disposal by reference to that disposal, unless the letting is accompanied by another letting, or agreement for another letting, such that the combined terms amount to twenty-one years or over, or by an agreement to dispose of the land otherwise than by letting it.

(3)If a claim is made under subsection (1) or (2) of section 33 of the [1965 c. 25.] Finance Act 1965 (capital gains tax relief in connection with replacement of business assets)—

(a)that section shall apply as if references in those subsections to the purposes of Part III of that Act included references to the purposes of this Chapter, and

(b)tax shall not be chargeable under Case VII on a gain accruing to the claimant from the acquisition and disposal of, or of the interest in, the new assets unless the period between the date when the claimant acquired the old assets, or the interest in the old assets, and the date when he disposed of the new assets, or the interest in the new assets, is twelve months or less.

(4)This Chapter has effect subject to the provisions of paragraph 15 of Schedule 19 to the [1969 c. 32.] Finance Act 1969 (postponement of charge in respect of business assets where business transferred to company as going concern).

(5)A gain shall be exempt from tax chargeable under Case VII if accruing from the acquisition and disposal by any person of a decoration awarded for valour or gallant conduct which he acquired otherwise than for consideration in money or money's worth.