[F110.(1)In this Part, a transaction that is relieved from tax under Part 2 is referred to as a “relieved transaction”; and accordingly references to a “buyer” and “qualifying land” are references to the buyer and the qualifying land in the relieved transaction.E+W
(2)Relief is withdrawn in relation to a relieved transaction if, at any time during the control period, the qualifying land is not used exclusively in a qualifying manner.
(3)But the relief is not withdrawn where, because of a change in circumstances that is unforeseen and beyond the buyer’s control, it is not reasonable to expect the qualifying land to be used exclusively in a qualifying manner at that time.
(4)Where, at a time during the control period, the use of all or part of the qualifying land in a qualifying manner has not yet begun, that land, or that part of the land, is to be treated as being used exclusively in a qualifying manner if reasonable steps are being taken to ensure that it is used in that manner.
(5)Where, at a time during the control period, the use of all or part of the qualifying land in a qualifying manner has ceased, that land, or that part of the land, is to be treated as being used exclusively in a qualifying manner if reasonable steps are being taken—
(a)to ensure that it is used in that manner, or
(b)to dispose of all chargeable interests in that land, or that part of the land, that are held by the buyer and connected persons in a timely manner.]
Textual Amendments