Section 139 –Property developers: exchange of dwellings
238.Subsection (1) says that a day in a chargeable period is a relievable day if a single dwelling interest that was acquired in the course of a property development trade, and the acquisition (“the reverse acquisition”) was part of a qualifying exchange.
239.Subsection (2) provides that a day is not relievable if a non-qualifying individual is permitted to occupy it.
240.Subsections (3) and (4) set out when an acquisition is part of a qualifying exchange. This is when the developer acquired the single dwelling interest in consideration of a new dwelling it, or a partnership of which it is a member, transferred in exchange.
241.Subsection (5) provides the conditions that need to be met for a building or part of it to be considered a “new dwelling”.
