sec.42BExemption for new home before transitioning from current home

sec.42B Exemption for new home before transitioning from 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 , other than because the land is taken to be used as a home under section 38 ; and of which, on the liability date for the financial year (the next financial year ) occurring immediately after the current financial year, the person is no longer the owner; and the person is also the owner of land (the new home )— of which, on the liability date for the financial year occurring immediately before the current financial year, the person was not the owner; and that, on the liability date for the current financial year, is capable of being used by a person for residential purposes, whether alone or with another person; and that, on the liability date for the next financial year, is exempt or partially exempt land under section 41 or 42 for the person; and of which, on the liability date for the next financial year, the person is still the owner. Subject to subsection (3) , the person’s new home is exempt land for the current financial year, to the extent that the person’s current home is exempt or partially exempt land under section 41 or 42 on the liability date for the current financial year. The new home is not exempt under subsection (2) if the person receives rents or profits from— the current home after it is used as the home of the person; or the new home before it is used as the home of the person, other than to the extent provided for under subsection (4) . For subsection (3) (b) , the person may receive rents or profits from the new home if— the new home was acquired by the person subject to a lease under which a person (the lessee ) has a right to occupy the land; and the lessee gives vacant possession of the new 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 new 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 42B ins 2014 No. 35 s 15 amd 2016 No. 64 s 13 (sec.42B-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 , other than because the land is taken to be used as a home under section 38 ; and of which, on the liability date for the financial year (the next financial year ) occurring immediately after the current financial year, the person is no longer the owner; and the person is also the owner of land (the new home )— of which, on the liability date for the financial year occurring immediately before the current financial year, the person was not the owner; and that, on the liability date for the current financial year, is capable of being used by a person for residential purposes, whether alone or with another person; and that, on the liability date for the next financial year, is exempt or partially exempt land under section 41 or 42 for the person; and of which, on the liability date for the next financial year, the person is still the owner. (sec.42B-ssec.2) Subject to subsection (3) , the person’s new home is exempt land for the current financial year, to the extent that the person’s current home is exempt or partially exempt land under section 41 or 42 on the liability date for the current financial year. (sec.42B-ssec.3) The new home is not exempt under subsection (2) if the person receives rents or profits from— the current home after it is used as the home of the person; or the new home before it is used as the home of the person, other than to the extent provided for under subsection (4) . (sec.42B-ssec.4) For subsection (3) (b) , the person may receive rents or profits from the new home if— the new home was acquired by the person subject to a lease under which a person (the lessee ) has a right to occupy the land; and the lessee gives vacant possession of the new 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 new home. (sec.42B-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 .