59Purchase of new principal residence

59 Purchase of new principal residence S. 59(1) substituted by No. 76/2012 s. 10(1). (1) Land is exempt land in respect of a year if— (a) a person becomes the owner of the land in the preceding year for use and occupation as his or her principal place of residence; and (b) as at 31 December in the preceding year, the person is the owner of other land that he or she uses and occupies as his or her principal place of residence. In this situation, the land referred to in paragraph (b) will be exempt land in the circumstances set out in section 54(1)(a). S. 59(2) substituted by No. 76/2012 s. 10(1). (2) Land is exempt land in respect of a year if— (a) a trustee becomes the owner of the land in the preceding year for use and occupation of a vested beneficiary in relation to the land as his or her principal place of residence; and (b) as at 31 December in the preceding year, the trustee is the owner of other land that the vested beneficiary uses and occupies as his or her principal place of residence. In this situation, the land referred to in paragraph (b) will be exempt land in the circumstances set out in section 54(1)(b). S. 59(3) amended by No. 76/2012 s. 10(2). (3) The Commissioner may revoke an exemption under subsection (1) or (2) if the owner or vested beneficiary in relation to the land does not continuously use and occupy the land as his or her principal place of residence for at least 6 months, commencing within 12 months after the date on which the owner or trustee became the owner of the land. S. 59(4) substituted by No. 76/2012 s. 10(3), amended by No. 47/2020 s. 51(a). (4) Subsection (1) does not apply to land in respect of a year if the owner derived any income from the land in the year preceding the tax year. S. 59(5) inserted by No. 76/2012 s. 10(3), amended by No. 47/2020 s. 51(b). (5) Subsection (2) does not apply to land in respect of a year if the trustee derived any income from the land in the year preceding the tax year.