land at any time when it was not occupied as the principal place of residence of the owner. (5) Subsection (2) does not apply to land in respect of S. 59(5) inserted by a year if the trustee derived any income from the No. 76/2012 land at any time when it was not occupied as the s. 10(3). principal place of residence of a vested beneficiary in relation to the land. 60 Sale of old principal residence (1) Land owned by a person is exempt land in respect S. 60(1) substituted by of a year if— No. 76/2012 s. 11(1). (a) either— (i) the land was exempt land under section 54(1) for the preceding year; or (ii) the person used and occupied the land as his or her principal place of residence for a period of at least 6 months during the preceding year; and (b) as at 31 December in the preceding year, the person was the owner of other land that he or she used and occupied as his or her principal place of residence. Note In this situation, the land referred to in paragraph (b) will be exempt land in the circumstances set out in section 54(1)(a). (2) Land owned by a trustee is exempt land in respect S. 60(2) substituted by of a year if— No. 76/2012 s. 11(1). (a) either— (i) the land was exempt land under section 54(1) for the preceding year; or (ii) a vested beneficiary in relation to the land used and occupied it as his or her
land at any time when it was not occupied as the principal place of residence of the owner. S. 59(5) inserted by No. 76/2012 s. 10(3). (5) Subsection (2) does not apply to land in respect of a year if the trustee derived any income from the land at any time when it was not occupied as the principal place of residence of a vested beneficiary in relation to the land. 60 Sale of old principal residence S. 60(1) substituted by No. 76/2012 s. 11(1). (1) Land owned by a person is exempt land in respect of a year if— (a) either— (i) the land was exempt land under section 54(1) for the preceding year; or (ii) the person used and occupied the land as his or her principal place of residence for a period of at least 6 months during the preceding year; and (b) as at 31 December in the preceding year, the person was the owner of other land that he or she used and occupied as his or her principal place of residence. Note In this situation, the land referred to in paragraph (b) will be exempt land in the circumstances set out in section 54(1)(a). S. 60(2) substituted by No. 76/2012 s. 11(1). (2) Land owned by a trustee is exempt land in respect of a year if— (a) either— (i) the land was exempt land under section 54(1) for the preceding year; or (ii) a vested beneficiary in relation to the land used and occupied it as his or her