Partial exemption if land used for non-exempt purpose

Current

(1)

This section applies to land that is—

(a)

comprised in 1 parcel; and

(b)

either—

(i)

owned by a person, other than a trustee or the manager of a time-sharing scheme, and used as the person’s home; or

(ii)

owned by a trustee of a trust, other than an absentee, and used as the home of all beneficiaries of the trust; and

(c)

used for a non-exempt purpose.

(2)

The part of the land used as a home is exempt land.

(3)

For subsection (2), the commissioner must apportion the taxable value of the land between use as a home and use for non-exempt purposes, having regard to—

(a)

the proportion of the land used for each purpose; and

(b)

the extent to which each proportion is used for the purpose.

(4)

For apportioning the taxable value of the land under subsection (3), if there is not more than 1 family letting for the land, the family letting is taken to be included in the use of the land as a home.

(5)

This section is subject to section 43.

(6)

In this section—

family letting see section 40.

Note—

A co-owner, other than a trustee, who does not use the land as his or her home can not obtain a benefit under this section (see section 22(3)).

This Act’s bill:Explanatory memorandum Second reading speech

Research tools for this sectionSubscription

Cited by Analyse Interrogate History Equivalents

The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.

42 Partial exemption if land used for non-exempt purpose