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—
- a
section 10 (contract and transfer),
- b
section 11 (contract providing transfer to third party),
- c
paragraph 8(1) to (5) of Schedule 2 (assignment of rights: transferor treated as making a separate acquisition), or
- d
paragraph 20 of Schedule 6 (agreement for lease);
- a
“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.