nha80/s12.- National Heritage Act 1980 Section 12 Approval of property for acceptance in satisfaction of tax.

PART II

PROPERTY ACCEPTED IN SATISFACTION OF TAX

12. - (1) ²

(2) The power of the Commissioners of Inland Revenue to accept property in satisfaction of estate duty under the provisions mentioned in subsection (3) of section 8 above shall not be exercisable except with the agreement of [the Ministers ¹ ], and [the Ministers ¹ ] shall exercises the functions conferred on the Treasury by the provisions mentioned in paragraphs (b) and (c) of that subsection (which correspond to paragraph 17(3) and (4) of Schedule 4 to the said Act of 1975 ³.

(3) Any question whether an object or collection or group of objects is pre-eminent shall be determined under the provisions mentioned in section 8(3)(b) or (c) above in the same way as under [section 230(4) of the Inheritance Tax Act 1984B ⁴ ].

1 Substituted by Transfer of Functions (Arts, Libraries and National Heritage) Order S.I. 1983 No. 879. Sch. 2, with effect from 1 July 1983. Previously "the Secretary of Stage"; "has".

2 Words omitted repealed by CTTA s.277 and Sch. 9. Now incorporated within IHTA 1984 s.230.

3 Repealed by CTTA s.277 and Sch. 9.

4 Originally "the said paragraph 17(4)". Amended by CTTA Sch. 8 para. 14 to "section 230(4) of the Capital Transfer Tax Act 1984", and by 1986 s.100(1), on and after 25 July 1986 the Capital Transfer Tax Act 1984 may be cited as the Inheritance Tax Act 1984.