sec.58IContinuity of use—sale of land

sec.58I Continuity of use—sale of land

This section applies if— a liability for land tax of a person (the previous owner ) for a financial year is assessed on the basis that land is land used for an eligible BTR development; and during the financial year mentioned in paragraph (a) (the relevant financial year ), the land is acquired by another person (the new owner ); and but for this section, the land would be prevented from being land used for an eligible BTR development for a financial year after the relevant financial year only because of a relevant change in circumstance; and the new owner did not know, and could not reasonably have known— for a relevant change in circumstance mentioned in paragraph (a) of the definition of that term—that the change in circumstance happened; or for a relevant change in circumstance that is the making of a reassessment under section 58V —that the land is not land used for an eligible BTR development for the relevant financial year or previous financial year; or for a relevant change in circumstance that is the making of a reassessment under section 58W or 58X —about the circumstances mentioned in section 58W (1) (c) or 58X (1) in relation to the relevant financial year or previous financial year; and since acquiring the land, the new owner has continuously used the land, solely or primarily, for a purpose that would have been the use of land for an eligible BTR development if the land had been continuously used for that purpose for the pre-acquisition period. For the new owner’s, and any subsequent owner’s, liability for land tax for a financial year after the relevant financial year, the land is taken to have been used continuously, solely or primarily, for an eligible BTR development for the pre-acquisition period despite the relevant change in circumstance. In this section— pre-acquisition period means the period— starting on what would have been the BTR start date for the development had it been an eligible BTR development; and ending immediately before the acquisition of the land by the new owner. relevant change in circumstance means— a change in circumstance that happens during the period starting at midnight on 30 June immediately preceding the relevant financial year and ending at the time the land is acquired by the new owner; or During the period mentioned in paragraph (a) , the percentage of dwellings in the eligible BTR development that are discounted rent dwellings falls below 10% for more than 30 days. During the period mentioned in paragraph (a) , the dwellings in the eligible BTR development cease to be managed in compliance with section 58M . after the land is acquired by the new owner, the making of a reassessment of the previous owner’s liability for land tax for the relevant financial year, or a previous financial year, under division 5 . s 58I ins 2023 No. 18 s 12 (sec.58I-ssec.1) This section applies if— a liability for land tax of a person (the previous owner ) for a financial year is assessed on the basis that land is land used for an eligible BTR development; and during the financial year mentioned in paragraph (a) (the relevant financial year ), the land is acquired by another person (the new owner ); and but for this section, the land would be prevented from being land used for an eligible BTR development for a financial year after the relevant financial year only because of a relevant change in circumstance; and the new owner did not know, and could not reasonably have known— for a relevant change in circumstance mentioned in paragraph (a) of the definition of that term—that the change in circumstance happened; or for a relevant change in circumstance that is the making of a reassessment under section 58V —that the land is not land used for an eligible BTR development for the relevant financial year or previous financial year; or for a relevant change in circumstance that is the making of a reassessment under section 58W or 58X —about the circumstances mentioned in section 58W (1) (c) or 58X (1) in relation to the relevant financial year or previous financial year; and since acquiring the land, the new owner has continuously used the land, solely or primarily, for a purpose that would have been the use of land for an eligible BTR development if the land had been continuously used for that purpose for the pre-acquisition period. (sec.58I-ssec.2) For the new owner’s, and any subsequent owner’s, liability for land tax for a financial year after the relevant financial year, the land is taken to have been used continuously, solely or primarily, for an eligible BTR development for the pre-acquisition period despite the relevant change in circumstance. (sec.58I-ssec.3) In this section— pre-acquisition period means the period— starting on what would have been the BTR start date for the development had it been an eligible BTR development; and ending immediately before the acquisition of the land by the new owner. relevant change in circumstance means— a change in circumstance that happens during the period starting at midnight on 30 June immediately preceding the relevant financial year and ending at the time the land is acquired by the new owner; or During the period mentioned in paragraph (a) , the percentage of dwellings in the eligible BTR development that are discounted rent dwellings falls below 10% for more than 30 days. During the period mentioned in paragraph (a) , the dwellings in the eligible BTR development cease to be managed in compliance with section 58M . after the land is acquired by the new owner, the making of a reassessment of the previous owner’s liability for land tax for the relevant financial year, or a previous financial year, under division 5 .