Taxes Consolidation Act 1997 section 653AN

Interpretation

Section 653AN defines the key terms used throughout the vacant homes tax (VHT) provisions in Part 22B.

• VHT applies to residential properties that have been in use as a dwelling for fewer than 30 days in a chargeable period, which runs from 1 November to 31 October each year
• The chargeable person is the person who is the liable person (generally the owner) for local property tax purposes on the relevant date, which is 1 November following the end of the chargeable period
• Market value means the price the unencumbered fee simple of the property would reasonably be expected to fetch on the open market, sold in a manner calculated to obtain the best price for the vendor
• A sale includes compulsory acquisitions and transfers for no consideration or for consideration significantly below market value