s. 56 business activity only because the owner lets the land for residential purposes during the absence. S. 56(3) (3) Land will not be taken to be used and occupied as substituted by the principal place of residence of a person under No. 76/2012 this section unless the conditions set out in s. 8(5). subsections (4) and (5) are both satisfied. (4) The condition in this subsection is that the land— S. 56(4) inserted by No. 76/2012 (a) was exempt land under section 54 s. 8(5). immediately before the person's absence; or (b) was used and occupied— (i) in the case of an owner—by the owner as his or her principal place of residence for a period of at least 6 consecutive months immediately before the owner's absence; or (ii) in the case of a trustee—by a vested beneficiary in relation to the land as his or her principal place of residence for a period of at least 6 consecutive months immediately before the vested beneficiary's absence. S. 56(5) (5) The condition in this subsection is that the owner inserted by or trustee has not rented out the land for a period No. 76/2012 which is 6 months or more, or for periods which s. 8(5). total 6 months or more, in the year preceding the tax year. S. 56(6) (6) The maximum period for which land can be taken inserted by to be used and occupied as the principal place of No. 76/2012 s. 8(5). residence of a person despite the person's absence from the land under this section is 6 years from the date of the person's absence. Note If a person has been absent for more than 6 years and land ceases to be taken to be used and occupied as the principal place of residence of the person, the land will no longer be
business activity only because the owner lets the land for residential purposes during the absence. S. 56(3) substituted by No. 76/2012 s. 8(5). (3) Land will not be taken to be used and occupied as the principal place of residence of a person under this section unless the conditions set out in subsections (4) and (5) are both satisfied. S. 56(4) inserted by No. 76/2012 s. 8(5). s. 56 (4) The condition in this subsection is that the land— (a) was exempt land under section 54 immediately before the person's absence; or (b) was used and occupied— (i) in the case of an owner—by the owner as his or her principal place of residence for a period of at least 6 consecutive months immediately before the owner's absence; or (ii) in the case of a trustee—by a vested beneficiary in relation to the land as his or her principal place of residence for a period of at least 6 consecutive months immediately before the vested beneficiary's absence. S. 56(5) inserted by No. 76/2012 s. 8(5). (5) The condition in this subsection is that the owner or trustee has not rented out the land for a period which is 6 months or more, or for periods which total 6 months or more, in the year preceding the tax year. S. 56(6) inserted by No. 76/2012 s. 8(5). (6) The maximum period for which land can be taken to be used and occupied as the principal place of residence of a person despite the person's absence from the land under this section is 6 years from the date of the person's absence. Note If a person has been absent for more than 6 years and land ceases to be taken to be used and occupied as the principal place of residence of the person, the land will no longer be
05-88a044.docx