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[F1[F26G(1)This paragraph applies where relief under paragraph 5D (dwellings for occupation by certain employees etc) has been allowed, in accordance with paragraph 6A(4) or 6B(3), with respect to the purchase of a major interest in land.U.K.
(2)The relief is withdrawn if at any time in the control period when the relevant person holds a relevant interest (whether jointly, or in common, or otherwise) any requirement in sub-paragraph (4) is not met.
(3)In sub-paragraph (2) “the control period” means the three years beginning with the effective date of the first transaction.
(4)The requirements are that—
(a)the relevant person, or a relevant group member, carries on a [F3relievable business],
(b)the dwelling is made available as mentioned in paragraph 5D(2)(a), and
(c)the dwelling is made so available for purposes that are solely or mainly purposes of the [F4relievable business] mentioned in sub-paragraph (a).
(5)The requirements in sub-paragraph (4) do not apply in relation to times when, because of a change of circumstances that is unforeseen and beyond the relevant person's control, it is not reasonable to expect those requirements to be met.
(6)Sub-paragraph (7) applies if at some time in the control period the relevant interest—
(a)has not begun to be made available as mentioned in sub-paragraph (4)(b) and (c), or
(b)has ceased to be so made available.
(7)The requirements in paragraphs (b) and (c) of sub-paragraph (4) are treated as being met if reasonable steps are being taken to ensure that the dwelling will begin to be, or will return to being, made available as mentioned in those paragraphs.
(8)Where the relevant person is a company, “relevant group member” means a company which is a member of the same group of companies as the relevant person for the purposes mentioned in paragraph 1(2) of Schedule 7.
(9)In this paragraph—
(a)“relevant interest” has the same meaning as in paragraph 6D;
(b)“the relevant person” means the person (other than the financial institution) who enters into the arrangements mentioned in section 71A(1), 72(1), 72A(1) or 73(1);
(c)references to a major interest in land include an undivided share in a major interest in land.]]
Textual Amendments
F1Sch. 4A inserted (with effect in accordance with Sch. 35 para. 10 of the amending Act) by Finance Act 2012 (c. 14), Sch. 35 para. 4
F2Sch. 4A paras. 6A-6H and cross-headings inserted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2013 (c. 29), Sch. 40 para. 2(5)
F3Words in Sch. 4A para. 6G(4)(a) substituted (with effect in accordance with s. 131(10) of the amending Act) by Finance Act 2016 (c. 24), s. 131(8)(a)
F4Words in Sch. 4A para. 6G(4)(c) substituted (with effect in accordance with s. 131(10) of the amending Act) by Finance Act 2016 (c. 24), s. 131(8)(b)
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