10.3 Purpose-built Rental Refund

• 10.3 (1) A transferee who is entitled to an exemption under section 10.2 in respect of an eligible transaction and who fails to apply for that exemption on the registration date may, within 18 months after that date, apply to the administrator for a refund of the tax paid in accordance with section 3(1)(d) on the registration of the transaction by the transferee.
• (2) On receiving an application under subsection (1), the administrator,

• (a) if satisfied that the transferee would have qualified for an exemption under section 10.2 on the registration date, must pay out of the consolidated revenue fund a refund of the portion of the amount of tax paid by the transferee that is equivalent to the amount of the exemption to which the transferee would have been entitled had the application for the exemption been made on the registration date, or
• (b) if not satisfied that the transferee would have qualified for an exemption under section 10.2 on the registration date, must refuse the application and provide the transferee with written notice under subsection (3) of the refusal.

• (3) If an application for a refund under subsection (1) is refused, the administrator must send a letter to the applicant stating the reason for the refusal, and the letter is deemed to be a notice of assessment for the purposes of allowing the applicant to give a notice of appeal under section 19.

2023-23-149; 2024-13-174.