Section CB 18 — Income Tax Act 2007: Residential exclusion from section CB 14

CB 18 Residential exclusion from section CB 14 Exclusion (1) Section CB 14 does not apply if— (a) the person acquired the land and used it or intended to use it for residential purposes; and (b) they disposed of the land to another person who acquired it for residential purposes. Purpose of acquisition for purposes of subsection (1)(b) (2) For the purposes of subsection (1)(b), the purpose of the acquisition by the other person is ascertained from the circumstances of the disposal and other relevant matters. Meaning of residential purposes (3) In this section, residential purposes — (a) means a purpose that the person has of using the land or intending to use the land mainly as a residence for themselves and members of their family living with them; and (b) includes the purpose of erecting a dwellinghouse on the land to be occupied as such a residence. Defined in this Act: dispose , land , residential purposes Compare: 2004 No 35 s CB 16