Introduction Details of the Sections Section 144 - Section 143: supplementary
258.Subsection (1) provides that subsection (2) applies where, on a day in a chargeable period, a single-dwelling interest is held by a financial institution and a non-qualifying individual is permitted to occupy the dwelling.
259.Subsection (2) says that where the continuity of ownership condition is met, no further day in that chargeable period or the subsequent three chargeable periods will be a relievable day.
260.Subsection (3) defines the “continuity of ownership” condition as being met on any day where the financial institution is beneficially entitled to the single dwelling interest; or, where the financial institution carried on the lending business in partnership, another member of the partnership is beneficially entitled to the interest.
261.Subsection (4) and (5) state that if on a day in a chargeable period, a non-qualifying individual is occupying a dwelling, then the financial institution (or any partner who was at the time entitled to the interest) shall not be eligible for relief under section 143 on earlier days in that or the preceding chargeable period.
262.Subsection (6) provides that subsection (5) does not apply where there is an intervening day which was relievable because the interest was being rented to a qualifying individual in the course of a property rental business.
263.Subsection (7) defines the term “non-qualifying individual” and provides that occupation of part of a dwelling is regarded as occupation of it all.