Finance (No. 2) Act, 2000

Exemption of principal private residence.

7.—(1) Subject to subsections (2) and (3), where an individual is beneficially entitled in possession on the relevant valuation date to an interest in residential property and that residential property was—

(a) on that date and throughout the period of twelve months immediately prior to that date, or

(b) throughout the period commencing on the date the interest was acquired by that individual and ending on that relevant valuation date,

occupied by that individual as his or her only or main residence, then that residential property shall not be relevant residential property in relation to that individual on that relevant valuation date.

(2) Any period of absence referred to in subsection (5)(b) of section 604 of the Act of 1997 which would qualify for relief under section 604 of the Act of 1997 in relation to a notional disposal of residential property on the relevant valuation date by an individual shall, for the purposes of subsection (1), qualify as a period during which that residential property was occupied by that individual as his or her only or main residence.

(3) For the purposes of this section, an individual shall not be treated as having more than one main residence.