(1)In Part II of Schedule 4 to the M1Finance Act 1988 (extension of business expansion scheme to private rented housing: exclusion of certain dwelling-houses) paragraph 15 shall be amended as follows.
(2)In sub-paragraph (1), for “Section 50" there shall be substituted “ Subject to sub-paragraphs (1A) to (1C) below, section 50 ”.
(3)The following sub-paragraphs shall be inserted after sub-paragraph (1)—
“(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).”
(4)The following sub-paragraphs shall be added after sub-paragraph (2)—
“(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.”
(5)This section shall have effect where shares are issued on or after 10th March 1992.
Marginal Citations