F1SCHEDULE A1Non-excluded overseas property
PART 3Interpretation
UK residential property interest
8
1
In this Schedule “UK residential property interest” means an interest in UK land—
a
where the land consists of a dwelling,
b
where and to the extent that the land includes a dwelling, or
c
where the interest subsists under a contract for an off-plan purchase.
2
For the purposes of sub-paragraph (1)(b), the extent to which land includes a dwelling is to be determined on a just and reasonable basis.
3
In this paragraph—
“interest in UK land” has F2the same meaning as it has for the purposes of section 1A(3)(b) of the 1992 Act (see section 1C of that Act);
“the land”, in relation to an interest in UK land which is an interest subsisting for the benefit of land, is a reference to the land for the benefit of which the interest subsists;
“dwelling” has F3the same meaning as it has for the purposes of Schedule 1B to the 1992 Act;
“contract for an off-plan purchase” F4means a contract for the acquisition of land consisting of, or including, a building, or part of a building, that is to be constructed or adapted for use as a dwelling.
Sch. A1 inserted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 10 para. 1 (with Sch. 10 para. 9(2))