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Amendment of section 4 (special provisions in relation to the supply of immovable goods) of Principal Act.
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122.—Section 4 of the Principal Act is hereby amended—
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(a) by the substitution of the following subsection for subsection (5):
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“(5) Where a person disposes of an interest in immovable goods to another person and in connection with that disposal a taxable person enters into an agreement with that other person or person connected with that other person to carry out a development in relation to those immovable goods, then—
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(a) the person who disposes of the interest in the said immovable goods shall, in relation to that disposal, be deemed to be a taxable person,
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(b) the disposal of the interest in the said immovable goods shall be deemed to be a supply of those goods made in the course or furtherance of business, and
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(c) the disposal of the interest in the said immovable goods shall, notwithstanding subsection (1), be deemed to be a disposal of an interest in immovable goods to which this section applies.”,
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and
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(b) by the insertion in paragraph (b) of subsection (6) after “supply” of “other than a supply of immovable goods to which the provisions of subsection (5) apply”.
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