Clause 54 - Gifts of medical supplies and equipment
Finance Bill
9:45 am
Mr Roger Gale (North Thanet, Conservative)
With this, it will be convenient to take new clause 2—Gifts of medical supplies and equipment (No. 2)—
'.—(1) Where on or after 1st April 2002 any person (''the donor'') makes a gift of relevant goods from trading stock for a relevant purpose then:
(a) no amount shall be required to be brought into account as a trading receipt or gain in consequence of the making or receiving of the gift; and
(b) the costs of making and delivering the gift shall be deducted as an expense of the trade of the donor in computing the profits of that trade.
(2) Where the donor or any person connected with him receives any benefit in money or money's worth attributable to the making of that gift, then for the accounting period in which the benefit is received the donor shall be deemed to be in receipt of income chargeable to tax under Case VI of Schedule D on an amount equal to the higher of—
(a) any relief claimed pursuant to subsection (1), and
(b) the amount of the benefit in question.
(3) The Secretary of State may by order prescribe relevant purposes and relevant goods to have effect for the purposes of this section, either generally or in respect of a given time or situation. Section 839 of the Taxes Act 1988 (connected persons) applies for the purposes of subsection (2).'.