SCHEDULE 13RELIEF FOR ACQUISITIONS INVOLVING MULTIPLE DWELLINGS

8Certain buildings not yet constructed or adapted to count as a dwelling

1

For the purposes of this Schedule, the main subject-matter of a transaction is to be taken to consist of or include an interest in a dwelling if—

a

substantial performance of a contract constitutes the effective date of that transaction by virtue of a relevant deeming provision,

b

the main subject-matter of the transaction consists of or includes an interest in a building, or a part of a building, that is to be constructed or adapted under the contract for use as a dwelling, and

c

construction or adaptation of the building, or the part of a building, has not begun by the time the contract is substantially performed.

2

In sub-paragraph (1)—

  • “contract” (“contract”) includes any agreement;

  • “relevant deeming provision”(“darpariaeth dybio berthnasol”) means any of—

    1. a

      section 10 (contract and transfer),

    2. b

      section 11 (contract providing transfer to third party),

    3. c

      paragraph 8(1) to (5) of Schedule 2 (assignment of rights: transferor treated as making a separate acquisition), or

    4. d

      paragraph 20 of Schedule 6 (agreement for lease);

  • “substantially performed” (“cyflawni’n sylweddol”) has the meaning given by section 14.

3

Subsections (4) to (7) of section 72 (meaning of residential property) apply for the purposes of this paragraph as they apply for the purposes of subsection (1)(a) of that section.