87U   Home occupation requirements—senior’s principal place of residence duty exemption

(1)  The requirements of this section are the home occupation requirements for the senior’s principal place of residence duty exemption.

(2)  The new home must be occupied by an eligible senior who is a purchaser or transferee under the agreement or transfer as a principal place of residence for a continuous period of at least 12 months, with that occupation starting within 12 months (or such longer period as the Chief Commissioner may approve) after completion of the agreement or transfer.

(3)  For the purposes of this section, an agreement or transfer is completed when a purchaser or transferee becomes entitled to possession of the home and, if the interest in the land acquired by the purchaser or transferee is registrable under a law of the State, the interest is so registered.

(4)  The Chief Commissioner may, if satisfied that there are good reasons to do so in a particular case:

(a)  modify the home occupation requirements by approving a shorter period of occupation by an eligible senior, or

(b)  exempt an eligible senior from the requirement to comply with the home occupation requirements.

(5)  The requirements of this section with respect to the occupation of the new home by an eligible senior also apply to the eligible senior’s spouse (if any).