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Amendment of section 4C (transitional measures for supplies of immovable goods) of Principal Act.
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115.— Section 4C of the Principal Act is amended by substituting the following for subsection (10)—
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“(10) In the application of section 12E to immovable goods and interests in immovable goods to which this section applies, subsections (4), (5) and (6) of that section shall be disregarded in respect of the person who, on 1 July 2008, owns those immovable goods or holds an interest in those immovable goods, but—
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(a) if that person develops those immovable goods and that development is a refurbishment, within the meaning of section 12E, that is completed on or after 1 July 2008, subsections (4), (5) and (6) of that section shall not be disregarded in respect of that refurbishment;
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(b) if, on or after 23 February 2010, that person—
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(i) first uses those immovable goods (in this subsection referred to as the ‘first use’), or
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(ii) changes the use of those immovable goods (in this subsection referred to as the ‘changed use’),
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and the first use, or the changed use, as the case may be, is a use of those immovable goods for a purpose other than the provision of a letting of the type referred to in paragraph 11(1) of Schedule 1, then subsection (6)(a) of section 12E shall not be disregarded for the remainder of the adjustment period applicable to those immovable goods.”.
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