sec.58JContinuity of use—subdivision

sec.58J Continuity of use—subdivision

This section applies if— a person’s liability for land tax for a financial year is assessed on the basis that land (the original parcel ) is used for an eligible BTR development; and in a later financial year, the original parcel is subdivided; and the original parcel is continuously used, solely or primarily, for an eligible BTR development from the BTR start date for the development until immediately before the subdivision takes effect; and a parcel into which the original parcel is subdivided (a new parcel ) is, from the date the subdivision takes effect, continuously used, solely or primarily, for a build to rent development comprising 1 or more buildings that were or formed part of the eligible BTR development for which the original parcel was used. For the purposes of the owner’s liability to land tax on the new parcel for a financial year— the build to rent development for which the new parcel is used is taken to be the same build to rent development for which the original parcel was used; and if the build to rent development for which the new parcel is used is an eligible BTR development for the financial year—the BTR start date for the development is taken to be the BTR start date for the eligible BTR development for which the original parcel was used. See also section 58ZC for how this provision applies if the first or only building comprising a build to rent development becomes suitable for occupation before 1 January in a financial year. s 58J ins 2023 No. 18 s 12 (sec.58J-ssec.1) This section applies if— a person’s liability for land tax for a financial year is assessed on the basis that land (the original parcel ) is used for an eligible BTR development; and in a later financial year, the original parcel is subdivided; and the original parcel is continuously used, solely or primarily, for an eligible BTR development from the BTR start date for the development until immediately before the subdivision takes effect; and a parcel into which the original parcel is subdivided (a new parcel ) is, from the date the subdivision takes effect, continuously used, solely or primarily, for a build to rent development comprising 1 or more buildings that were or formed part of the eligible BTR development for which the original parcel was used. (sec.58J-ssec.2) For the purposes of the owner’s liability to land tax on the new parcel for a financial year— the build to rent development for which the new parcel is used is taken to be the same build to rent development for which the original parcel was used; and if the build to rent development for which the new parcel is used is an eligible BTR development for the financial year—the BTR start date for the development is taken to be the BTR start date for the eligible BTR development for which the original parcel was used. See also section 58ZC for how this provision applies if the first or only building comprising a build to rent development becomes suitable for occupation before 1 January in a financial year.