Supplementary Order Paper No 13

New clauses 5BA and 5BAB

After clause 5, insert:

5BA Section CB 6A amended (Disposal within 2 years: bright-line test for residential land)

(1)

In section CB 6A,—

(a)

in the heading, replace 2 years with 5 years:

(b)

in the heading to subsection (1), replace 2 years with 5 years:

(c)

in subsection (1), in the words before the paragraphs, replace “2 years” with “5 years”:

(d)

in subsection (2), in the words before the paragraphs, replace “2 years” with “5 years”:

(e)

in subsection (3), replace “2 years” with “5 years”:

(f)

in subsection (4), replace “2 years” with “5 years”:

(g)

in the heading to subsection (4B), replace 2-year with 5-year.

(2)

Subsection (1) applies to a person’s disposal of residential land if the date that the person first acquires an estate or interest in the residential land is on or after the date on which the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2017 receives the Royal assent.

5BAB Section CB 16A amended (Main home exclusion for disposal within 2 years)

(1)

In section CB 16A, in the heading, replace 2 years with 5 years.

(2)

Subsection (1) applies to a person’s disposal of residential land if the date that the person first acquires an estate or interest in the residential land is on or after the date on which the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2017 receives the Royal assent.