Paragraph 15

United Kingdom

(1)

F1Subject to sub-paragraphs (1A) to (1C) below, section 50 of this Act does not apply to a dwelling-house if—

(a)

before the relevant date, the company or any of its subsidiaries had entered into arrangements for letting the whole or any part of the dwelling-house;

(b)

at that date, the whole or any part of the dwelling-house was let; or

(c)

after that date, the whole or any part of the dwelling-house has been let otherwise than on a qualifying tenancy.

F2(1A)

Section 50 of this Act is not precluded from applying to a dwelling-house by sub-paragraph (1)(a) above if the arrangements there mentioned were for letting to a person who was an owner-occupier of the dwelling-house before the relevant date.

(1B)

Section 50 of this Act is not precluded from applying to a dwelling-house by sub-paragraph (1)(b) above if the letting there mentioned was to a person—

(a)

who was an owner-occupier of the dwelling-house before the date of the letting, and

(b)

to whom the dwelling-house or part is let on a qualifying tenancy by the company or any of its subsidiaries after the relevant date.

(1C)

Section 50 of this Act is not precluded from applying to a dwelling-house by sub-paragraph (1)(c) above if the letting there mentioned was to a person—

(a)

who was an owner-occupier of the dwelling-house before the relevant date, and

(b)

to whom the dwelling-house or part is let on a qualifying tenancy by the company or any of its subsidiaries after the letting mentioned in sub-paragraph (1)(c).

(2)

In this paragraph—

“let” includes let under a licence and “letting” shall be construed accordingly;
“the relevant date” means the date when the company or any of its subsidiaries first acquired an interest in the dwelling-house (or the land which comprises the dwelling-house).

F3(3)

For the purposes of this paragraph, a person shall be taken to have been an owner-occupier of a dwelling-house before the relevant date or, as the case may be, the date mentioned in sub-paragraph (1B)(a) above if—

(a)

at any time before that date, he occupied the dwelling-house as his only or principal home and had a freehold interest in it, or

(b)

for a period of at least two years ending on that date, he occupied the dwelling-house as his only or principal home and had an interest in it under a lease for a term of years certain not less than twenty-one of which remained unexpired at that date.

(4)

In the application of sub-paragraph (3) above to a dwelling-house in Scotland—

(a)

for paragraph (a) there shall be substituted—

“(a)

at any time before that date he occupied the dwelling-house and—

(i)

was the absolute owner of it, or

(ii)

was the owner of thedominium utile in it,”; and

(b)

in paragraph (b) the word “certain” shall be omitted.

(5)

In the application of sub-paragraph (3) above to a dwelling-house in Northern Ireland, any conveyance or assignment of an interest in it by way of mortgage shall be disregarded.

Annotations

Textual amendments

F1: Words in Sch. 4 para. 15(1) substituted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 40(2)(5).
F2: Sch. 4 para. 15(1A)-(1C) inserted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 40(3)(5)
F3: Sch. 4 para. 15(3)-(5) added (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 40(4)(5)

Notes on Schedule 4

Textual amendments

F1: Sch. 4 repealed (3.5.1994 with effect as mentioned in Sch. 26 Pt. V(17) of the repealing Act) by 1994 c. 9, s. 258, Sch. 26 Pt. V(17), note