Finance Act 1988

Dwelling-houses already let etc.

15 (1) 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.

(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).