sec.42AExemption for old home after transitioning to current home

sec.42A Exemption for old home after transitioning to current home

This section applies in relation to the imposition of land tax on taxable land for a financial year (the current financial year ) if— a person is the owner of land (the current home )— that, on the liability date for the current financial year, is exempt or partially exempt land under section 41 or 42 ; and of which, on the liability date for the financial year (the previous financial year ) occurring immediately before the current financial year, the person was not the owner; and the person is also the owner of land (the old home )— of which the person has continuously been the owner since the liability date for the previous financial year; and that, on the liability date for the previous financial year, was exempt or partially exempt land for the person as owner of the land under section 41 or 42 ; and of which, on the liability date for the financial year immediately following the current financial year, the person is no longer the owner. Subject to subsection (3) , the person’s old home is exempt land for the current financial year, to the extent that the old home was exempt or partially exempt land under section 41 or 42 on the liability date for the previous financial year. The old home is not exempt under subsection (2) if the person receives rents or profits from— the current home before it is used as the home of the person, other than to the extent provided for under subsection (4) ; or the old home after it is used as the home of the person. For subsection (3) (a) , the person may receive rents or profits from the current home if— the current home was acquired by the person subject to a lease under which a person (the lessee ) had a right to occupy the land; and the lessee gave vacant possession of the current home to the person on the earlier of— the end of the term of the lease; or within 6 months after the day the person acquired the current home. In this section— liability date , for a financial year, means the time when liability for land tax for the financial year arises under section 7 . s 42A ins 2014 No. 35 s 15 (sec.42A-ssec.1) This section applies in relation to the imposition of land tax on taxable land for a financial year (the current financial year ) if— a person is the owner of land (the current home )— that, on the liability date for the current financial year, is exempt or partially exempt land under section 41 or 42 ; and of which, on the liability date for the financial year (the previous financial year ) occurring immediately before the current financial year, the person was not the owner; and the person is also the owner of land (the old home )— of which the person has continuously been the owner since the liability date for the previous financial year; and that, on the liability date for the previous financial year, was exempt or partially exempt land for the person as owner of the land under section 41 or 42 ; and of which, on the liability date for the financial year immediately following the current financial year, the person is no longer the owner. (sec.42A-ssec.2) Subject to subsection (3) , the person’s old home is exempt land for the current financial year, to the extent that the old home was exempt or partially exempt land under section 41 or 42 on the liability date for the previous financial year. (sec.42A-ssec.3) The old home is not exempt under subsection (2) if the person receives rents or profits from— the current home before it is used as the home of the person, other than to the extent provided for under subsection (4) ; or the old home after it is used as the home of the person. (sec.42A-ssec.4) For subsection (3) (a) , the person may receive rents or profits from the current home if— the current home was acquired by the person subject to a lease under which a person (the lessee ) had a right to occupy the land; and the lessee gave vacant possession of the current home to the person on the earlier of— the end of the term of the lease; or within 6 months after the day the person acquired the current home. (sec.42A-ssec.5) In this section— liability date , for a financial year, means the time when liability for land tax for the financial year arises under section 7 .