SCHEDULE 4Relief for certain acquisitions of residential property

PART 5Withdrawal of relief

Relief under Part 4

I116

Relief under Part 4 of this schedule (acquisition by property trader from individual where chain of transactions breaks down) is withdrawn if the property trader—

a

spends more than the permitted amount on refurbishment of the old dwelling,

b

grants a lease or licence of the old dwelling, or

c

permits any of its principals or employees (or any person connected with any of its principals or employees) to occupy the old dwelling.