Introduction Details of the Sections Section 138 – Property developers
233.Subsection (1) says that a day in a chargeable period is a relievable day for a single-dwelling interest if the interest is held exclusively for the purpose of developing and reselling the land in the course of that trade.
234.Subsection (2) effectively disregards any intention to exploit the interest as a source of rents prior to sale in determining whether the land is held exclusively for development and resale.
235.Subsection (3) provides that a day is not a relievable day if a non-qualifying person is permitted to occupy the dwelling.
236.Subsection (4) defines a “property development trade” as a trade that includes buying and developing for resale residential or non-residential property, provided that is conducted on a commercial basis and with a view to profit.
237.Subsection (5) provides that references to “development” in this section shall include “redevelopment”.