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Amendment of section 7 (waiver of exemption) of Principal Act.
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90.— Section 7 of the Principal Act is amended—
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(a) by inserting in subsection (3) “or in accordance with section 7B(3)” after “at the request of a person”, and
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(b) by inserting the following after subsection (4):
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“(5) (a) No waiver of exemption from tax in accordance with this section shall commence on or after 1 July 2008.
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(b) Any waiver of exemption from tax which applies under this section shall not extend to any letting of immovable goods where those goods are acquired or developed on or after 1 July 2008.
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(c) For the purpose of applying paragraph (b), a waiver of exemption, which is in place on 18 February 2008 in respect of the letting of immovable goods which are undergoing development on that day by or on behalf of the person who has that waiver, may extend to a letting of those immovable goods.”.
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