Finance Act 2007
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Amendment of section 7 (waiver of exemption) of Principal Act. |
78.— Section 7 of the Principal Act is amended by inserting the following after subsection (1): | |
“(1A) (a) Notwithstanding subsection (1)(a), a person shall not waive his or her right to exemption from tax on or after the date of passing of the Finance Act 2007 in respect of a letting of immovable goods to which paragraph (iv) of the First Schedule relates which is a letting of all or part of a house, apartment or other similar establishment, to the extent that those immovable goods are used or to be used for residential purposes, including any such letting— | ||
(i) governed by the Residential Tenancies Act 2004 , | ||
(ii) governed by the Housing (Rent Books) Regulations 1993 ( S.I. No. 146 of 1993 ), | ||
(iii) governed by section 10 of the Housing Act 1988 , | ||
(iv) of a dwelling to which Part II of the Housing (Private Rented Dwellings) Act 1982 applies, or | ||
(v) of accommodation which is provided as a temporary dwelling for emergency residential purposes, | ||
and any waiver of exemption from tax which applies under this section shall not extend to such a letting of immovable goods where those goods are acquired or developed on or after the date of passing of the Finance Act 2007. | ||
(b) For the purpose of applying paragraph (a), immovable goods are considered to be acquired when a person enters into a binding contract in writing for the acquisition of those goods or of an interest in those goods, or for the construction of those goods, and are considered to be developed when an application for planning permission in respect of the development of those goods as a house, apartment or other similar establishment is received by a planning authority.”. |