- Latest available (Revised) - English
- Latest available (Revised) - Welsh
- Original (As enacted) - English
- Original (As enacted) - Welsh
This is the original version (as it was originally enacted).
7(1)Where an individual’s employer acquires a dwelling from the individual (whether alone or with other individuals), the acquisition is relieved from tax if the following conditions are met (but see sub-paragraph (3) for provision about partial relief).
(2)The conditions are—
(a)that the individual occupied the dwelling as the individual’s only or main residence at some time in the period of 2 years ending with the date of the acquisition by the employer,
(b)that the acquisition is made in connection with a change of residence by the individual resulting from relocation of employment,
(c)that the consideration for the acquisition does not exceed the market value of the dwelling, and
(d)that the area of land acquired by the employer does not exceed the permitted area.
(3)Where the conditions in sub-paragraph (2)(a) to (c) are met but the area of land acquired exceeds the permitted area, the chargeable consideration for the acquisition is taken to be the amount calculated by deducting the market value of the permitted area from the market value of the dwelling.
(4)In this paragraph—
(a)references to the acquisition of the dwelling are to the acquisition, by way of transfer, of a major interest in the dwelling,
(b)references to the market value of the dwelling and of the permitted area are, to the market value of that major interest in the dwelling and of that interest so far as it relates to that area, and
(c)references to an individual’s employer include a prospective employer.
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