The interpretation statement provides a detailed explanation of the application of section 5(15). Section 5(15) deems the supply of a principal place of residence or a dwelling to the extent it is a supply referred to in s 14(1)(d) (i.e. a dwelling used exclusively for residential rental accommodation for the preceding 5 years) to be a separate supply from any other real property included in the transaction.
The statement replaces IS2824 published in October 1996. The updated statement incorporates the many legislative changes that have occurred since October 1996. Consequently, it will be a useful resource and we support its publication.