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Amendment of section 604A of Principal Act (relief for certain disposals of land or buildings)
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33. (1) Section 604A of the Principal Act is amended—
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(a) in subsection (2)(b) by substituting “4 years” for “7 years”,
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(b) by inserting the following after subsection (2):
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“(2A) Where a person disposes of land or buildings to which this section applies during the period beginning 4 years after the date they were acquired and ending 7 years after that date, any gain on the disposal of such land or buildings shall not be a chargeable gain.”,
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(c) in subsection (3) by substituting “Without prejudice to subsection (2A), on” for “On”, and
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(d) in subsection (4)—
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(i) by substituting “subsection (2A) or (3)” for “subsection (3)”,
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(ii) in paragraph (a) by substituting “in the period from” for “in the period of 7 years from”, and
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(iii) in paragraph (b) by substituting “subsection (2A) or (3), as the case may be” for “subsection (3)”.
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(2) Subsection (1) applies to disposals made on or after 1 January 2018.
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