F1C1Part VIII
Pt. VIII (ss. 101-138) excluded (17.12.1996) by 1996 c. 53, s. 102(1)(2); S.I. 1996/2842, art. 3
Conditions of grants and repayments
124 Meaning of relevant disposal and exempt disposal for the purposes ofsections 120 to 123.
1
A disposal, whether of the whole or part of the dwelling, is a relevantdisposal for the purposes of sections 120 to 123 above if it is—
a
a conveyance of the freehold or an assignment of the lease, or
b
the grant of a lease (other than a mortgage term) for a term of more than21 years otherwise than at a rack rent.
2
For the purposes of subsection (1)(b) above it shall be assumed—
a
that any option to renew or extend a lease or sub-lease, whether or notforming part of a series of options, is exercised, and
b
that any option to terminate a lease or sub-lease is not exercised.
3
A disposal is an exempt disposal for the purposes of sections 120 to 123above if it is—
a
a disposal of the whole of the dwelling and a conveyance of the freeholdor an assignment of the lease and the person or each of the persons to whomit is made is a qualifying person as defined in subsection (4) below;
b
a vesting of the whole of the dwelling in a person taking under a will oron an intestacy;
F2c
a disposal of the whole of the dwelling in pursuance of any such order as is mentioned in subsection (4A) below;
d
a compulsory disposal as defined in section 161 of the M1Housing Act 1985 (meaning of compulsory disposal);
e
a disposal of property consisting of land included in the dwelling byvirtue of section 184 of that Act (land let with or used for the purposes ofthe dwelling-house); or
f
a disposal under which the interest of a person entitled to assistance byway of repurchase under Part XVI of that Act (assistance for owners ofdefective housing) is acquired in accordance with Schedule 20 to that Act.
4
A person is a qualifying person for the purposes of subsection (3)(a)above if—
a
in the case of an individual, he is—
i
the person, or one of the persons, by whom the disposal is made;
ii
the spouse, or former spouse, of that person or one of those persons; or
iii
a member of the family of that person or one of those persons; or
b
in the case of a company, it is an associated company of the company bywhom the disposal is made;
and, for the purposes of paragraph (b) above, section 416 of the M2Income and Corporation Taxes Act 1988 (meaning of associatedcompany) shall apply in determining whether a company is an associated companyof another.
F34A
The orders referred to in subsection (3)(c) above are orders under—
a
section 24 or 24A of the Matrimonial Causes Act 1973 (property adjustment orders or orders for the sale of property in connection with matrimonial proceedings),
b
section 2 of the Inheritance (Provision for Family and Dependants) Act 1975 (orders as to financial provision to be made from estate),
c
section 17 of the Matrimonial and Family Proceedings Act 1984 (property adjustment orders or orders for the sale of property after overseas divorce, &c.), or
d
paragraph 1 of Schedule 1 to the Children Act 1989 (orders for financial relief against parents);
5
For the purposes of sections 120 to 123 above, the grant of an optionenabling a person to call for a relevant disposal which is not an exemptdisposal shall be treated as such a disposal made to him.
Pt. VIII (ss. 101-138) repealed (17.12.1996) by 1996 c. 53, s. 147, Sch. 3 Pt. I; S.I. 1996/2842, art. 3 (with transitional provisions in arts. 5, 8)