258 Works of art etc
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

258  Works of art etc

(1)     . . .

[(1A)     A gain is not a chargeable gain if it accrues on a disposal made in the circumstances described in paragraph 1 of Schedule 14 to the Finance Act 2012 (gifts to the nation).]

(2)     A gain shall not be a chargeable gain if it accrues on the disposal of an asset [which is property which has been or could be designated under section 31 of the Inheritance Tax Act 1984 (“the 1984 Act”) (designation and undertakings)] and—

(a)     the disposal is by way of sale by private treaty to a body mentioned in Schedule 3 to [the 1984 Act] (museums, etc), or is to such a body otherwise than by sale, or

(b)     the disposal is to the Board in pursuance of section 230 of the 1984 Act . . . (acceptance of property in satisfaction of tax).

(3)     Subsection (4) below shall have effect in respect of the disposal of any asset which is property which has been or could be designated under section 31 of the 1984 Act, being—

(a)     a disposal by way of gift, including a gift in settlement, or

(b)     a disposal of settled property by the trustee

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