31 Effect on initial notice of designation for inheritance tax purposes and applications for designation
Leasehold Reform, Housing and Urban Development Act 1993 (1993 c 28) | Legislation

31  Effect on initial notice of designation for inheritance tax purposes and applications for designation

(1)     A notice given under section 13 shall be of no effect if on the relevant date the whole or any part of—

(a)     the specified premises, or

(b)     any property specified in the notice under section 13(3)(a)(ii), is qualifying property.

(2)     For the purposes of this section the whole or any part of the specified premises, or of any property specified as mentioned in subsection (1), is qualifying property if—

(a)     it has been designated under section 31(1)(b), (c) or (d) of the Inheritance Tax Act 1984 (designation and undertakings relating to conditionally exempt transfers), whether with or without any other property, and no chargeable event has subsequently occurred with respect to it; or

(b)     an application to the Board for it to be so designated is pending; or

(c)     it is the property of a body not established or conducted for profit and a direction

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