(3) Subsection (2) applies only if the land has been S. 46I(3) used and occupied as the principal place of inserted by No. 68/2007 residence of the nominated PPR beneficiary— s. 15(2). (a) since 1 July in the year preceding the tax year in which the nomination for that PPR beneficiary is lodged under section 46H; or (b) if the trustee became owner of the land on or after 1 July in the year preceding the tax year in which the nomination for that PPR beneficiary is lodged under section 46H, since a later date during that year. (4) Subsection (2) does not apply if the land for which S. 46I(4) inserted by a nomination is in force is used to carry on a No. 83/2009 substantial business activity. s. 10. S. 46I(5) (5) In determining whether land is used by a person to inserted by carry on a substantial business activity, account No. 83/2009 must be taken of the factors referred to in s. 10. section 62(2). Pt 3 Div. 2AB Division 2AB—Land held on trust (Heading and under absentee trusts ss 46IA–46AF) inserted by No. 26/2015 s. 32. S. 46IAA 46IAA Absentee proportion of interests in land subject to a inserted by trust in a chain of trusts No. 67/2017 s. 15. (1) The absentee proportion of interests in land subject to a trust to the total interests in the land is the proportion of all the interests in that land that— (a) natural person absentees or absentee corporations have in that land directly or indirectly through one or more chains of trusts that they do not hold on trust for another person; or
S. 46I(3) inserted by No. 68/2007 s. 15(2). (3) Subsection (2) applies only if the land has been used and occupied as the principal place of residence of the nominated PPR beneficiary— (a) since 1 July in the year preceding the tax year in which the nomination for that PPR beneficiary is lodged under section 46H; or (b) if the trustee became owner of the land on or after 1 July in the year preceding the tax year in which the nomination for that PPR beneficiary is lodged under section 46H, since a later date during that year. S. 46I(4) inserted by No. 83/2009 s. 10. (4) Subsection (2) does not apply if the land for which a nomination is in force is used to carry on a substantial business activity. S. 46I(5) inserted by No. 83/2009 s. 10. (5) In determining whether land is used by a person to carry on a substantial business activity, account must be taken of the factors referred to in section 62(2). Pt 3 Div. 2AB (Heading and ss 46IA–46AF) inserted by No. 26/2015 s. 32. Division 2AB—Land held on trust under absentee trusts S. 46IAA inserted by No. 67/2017 s. 15. 46IAA Absentee proportion of interests in land subject to a trust in a chain of trusts (1) The absentee proportion of interests in land subject to a trust to the total interests in the land is the proportion of all the interests in that land that— (a) natural person absentees or absentee corporations have in that land directly or indirectly through one or more chains of trusts that they do not hold on trust for another person; or
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