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7 (1) A transferee who is entitled to an exemption under section 5 or 6 in respect of an eligible transaction 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 on the registration of the transaction by the transferee.

  • (1.1) If a transferee is not entitled on the registration date to an exemption under section 5 or 6 in respect of an eligible transaction because the transferee does not meet a requirement under paragraph (a) of the definition of “first time home buyer” on that date, the transferee may apply to the administrator for a refund of the tax paid on the registration of the transaction by the transferee if
  • (a) the transferee meets a requirement under paragraph (a) of that definition on or before the first anniversary of the registration date, and
  • (b) the application for the refund is made within 18 months after the registration date.
  • (2) On receiving an application under subsection (1), the administrator must,
  • (a) on being satisfied that the transferee would have qualified for an exemption under section 5 or 6 on the registration date, pay out of the consolidated revenue fund a refund of that 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 5 or 6 on the registration date, refuse the application and provide written notice to the transferee of that refusal under subsection (3).
  • (2.1) On receiving an application under subsection (1.1), the administrator
  • (a) if satisfied that the transferee
    • (i) would have qualified for an exemption under section 5 or 6 on the registration date but for the transferee’s failure to meet a requirement under paragraph (a) of the definition of “first time home buyer” on that date, and
    • (ii) met a requirement under paragraph (a) of that definition on or before the first anniversary of 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 would have been exempted under section 5 or 6 had the requirement been met on the registration date, and
  • (b) if not satisfied that the transferee met a requirement under paragraph (a) of the definition of “first time home buyer” on or before the first anniversary of 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) or (1.1) 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 file a notice of objection under section 19.

1987-15-3.23; 1994-14-4, effective March 23, 1994; 1999-47-52, effective January 1, 1998; 2003-3-33, effective February 19, 2003; 2016-3-50, effective February 17, 2016.