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Amendment of section 86 of Principal Act (exemption relating to certain dwellings)
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64. Section 86 of the Principal Act is amended—
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(a) in subsection (2) —
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(i) in paragraph (a), by substituting “his or her death, and” for “his or her death,”,
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(ii) in paragraph (b), by substituting “the date of the inheritance.” for “the date of the inheritance, and”, and
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(iii) by deleting paragraph (c),
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(b) in subsection (4), by substituting “subsections (4A), (4B), (5) and (6) ” for “subsections (5) and (6) ”, and
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(c) by inserting after subsection (4) the following:
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“(4A) For the purposes of subsection (4), and in relation to a disponer and a successor—
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(a) a dwelling house shall not be regarded as a relevant dwelling house where the successor is beneficially entitled to, or has a beneficial interest in, any other dwelling house—
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(i) at the date of the inheritance of the first-mentioned dwelling house in this paragraph (a), or
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(ii) at the valuation date of the first-mentioned dwelling house in this paragraph (a), if this date is later than that date of inheritance and such entitlement to, or interest in, that dwelling house is taken from the disponer,
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and
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(b) where—
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(i) a dwelling house to which the successor is beneficially entitled, or in which the successor has a beneficial interest, is regarded as a relevant dwelling house, and
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(ii) that successor acquires a subsequent beneficial entitlement to or a beneficial interest in any other dwelling house by way of an inheritance taken from the disponer,
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the first-mentioned dwelling house in this paragraph (b) shall cease to be regarded as a relevant dwelling house on the date on which that subsequent entitlement or interest is acquired.
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(4B) Where paragraph (b) of subsection (4A) applies—
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(a) subparagraphs (i) and (ii) of subsection (6) shall apply as if the dwelling house had not been a relevant dwelling house at the date of the inheritance, and
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(b) the relevant date (within the meaning of section 46(5)) from which interest is to be charged in accordance with section 51(2) shall be the earliest valuation date for any other dwelling house to which the successor takes a beneficial entitlement or in which the successor takes a beneficial interest from the disponer if that date is later than the date which, apart from this subsection, would be the relevant date.”.
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