Section 148 | Maintenance funds for historic buildings. ^F1

(1)This section applies where a person disposes of an asset to trustees in circumstances such that the disposal is a transfer of value which by virtue of section 95 of the Finance Act 1982 (capital transfer tax: maintenance funds for historic buildings) is an exempt transfer.^F2

(1A)This section applies also where a trustee is deemed by virtue of section 54(1) above to dispose of an asset comprised in a settlement and, as a result of the asset or part of it becoming comprised in another settlement, there is by virtue of paragraph 1(1) or (5) or 3(1) of Schedule 16 to the Finance Act 1982 no charge to capital transfer tax in respect of the asset deemed to be disposed of or a reduced charge to that tax by virtue of pargraph 1(2) or (8) or 3(4) of that Schedule; but—^F3F2

(a)if part only of the asset becomes comprised in the other settlement this subsection applies only to the deemed disposal of that part; and^F3

(b)if the trustees of the other settlement give any consideration for the asset or part that becomes comprised in it this subsection applies only if the consideration does not exceed the sums that would be allowable as a deduction in computing the gain accruing on the deemed disposal.^F3

(1B)This section applies also where a trustee disposes (or is deemed to dispose) of an asset comprised in a settlemdnt if on the disposal the asset becomes settled property in respect of which a direction has effect under sectin 93 of the Finance Act 1982.^F4

(2)The person making the disposal and the person acquiring the asset on the disposal shall be treated for all the purposes of this Act as if the asset was acquired from the one making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss would accrue to the one making the disposal.