Finance (No. 2) Act, 2000
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Exemption for property already owned. |
8.—(1) Subject to subsection (3), any interest in residential property to which a person was beneficially entitled in possession on 14 June 2000 shall not be relevant residential property of that person on any relevant valuation date. | |
(2) Subject to subsection (3), any interest in residential property which was comprised in a discretionary trust on 14 June 2000 shall not be relevant residential property of that discretionary trust on any relevant valuation date. | ||
(3) Where a person has entered into a contract before 15 June 2000 to have any interest in residential property transferred to that person or to another in that person's right or on that person's behalf, then for the purposes of subsections (1) and (2), no such person shall be considered to have become beneficially entitled in possession to that interest and, if any such person is a trustee of a discretionary trust, that interest shall not be considered to have become comprised in that trust, until such time as that interest has been transferred to that person or to another in that person's right or on that person's behalf, unless that contract was evidenced in writing before that date. | ||
(4) Residential property built after 14 June 2000 on land to which a person was beneficially entitled in possession on that date or which was comprised in a discretionary trust on that date shall not be relevant residential property of that person or of that discretionary trust on any relevant valuation date. | ||
(5) Where, on any relevant valuation date, an individual is beneficially entitled in possession to an interest in residential property which was acquired by that individual on or after 15 June 2000 and which is not relevant residential property of that individual on that valuation date by virtue of subsection (1) of section 7 , then any interest in other residential property to which that individual is beneficially entitled in possession on that valuation date and which was occupied by that individual as his or her only or main residence on 14 June 2000 shall, notwithstanding subsection (1), be relevant residential property of that individual on that date. |