(1) The exemption provided for in section 10 (1) (d), (e), (g) (iii), (g) (iv), (g) (vi), (h) or (p2) does not apply to a body referred to in any of those provisions if the Chief Commissioner is of the opinion that the constitution (by whatever name called) of the body makes provision for the distribution of the property of the body, in a dissolution of the body, in a manner that:(a) would operate to vest some or all of that property in one or more of the members or former members of the body, or(b) would ultimately lead (whether or not as a direct result of that dissolution) to some or all of the property of the body vesting in one or more of the members or former members of the body.(1A) The exemption provided for in section 10 (1) (g) (vi) does not apply if the land is:(a) owned by a natural person, otherwise than as a trustee, or(b) owned by a natural person in trust for:(i) another natural person, or(ii) a body in respect of which the Chief Commissioner forms an opinion on the grounds referred to in subsection (1).(2) In subsection (1):
property includes proceeds of the sale or other disposal of property.(3) The Chief Commissioner may exempt a body from the operation of subsection (1) (either in respect of the current tax year or that year and specified prior tax years) if satisfied that:(a) the body is not involved in a scheme or arrangement for the avoidance or evasion of land tax, and(b) the constitution of the body will be altered within 6 months so that the constitution does not make provision as referred to in subsection (1).(4) An exemption under subsection (3) ceases if the constitution of the body is not so altered within 6 months after the exemption is granted.