140 Property developers: supplementary
Finance Act 2013 (2013 c 29) | Legislation

140  Property developers: supplementary

(1)     Subsection (2) applies if on a day in a chargeable period—

(a)     a person carrying on a property development trade (“the property developer”) is entitled to a single-dwelling interest that has been acquired in the course of that trade (whether or not the acquisition was part of a qualifying exchange for the purposes of section 139), and

(b)     a non-qualifying individual is permitted to occupy the dwelling.

(2)     No subsequent day is relievable in the case of the single-dwelling interest by virtue of section 138(1) or 139(1) if—

(a)     the day falls within that chargeable period, or any of the subsequent 3 chargeable periods, and

(b)     there is continuity of ownership on that day.

(3)     There is “continuity of ownership”

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