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This article discusses the relief from ATED available to property developers which acquire a residential property as part of a 'qualifying exchange' in return for the transfer of a newly constructed (and not previously occupied) residential property to the vendor. For the effect of ATED reliefs, see B6.745.

A day in a chargeable period is a relievable day in relation to an SDI if¹:

1. Ìý

   •ÌýÌýÌýÌý a person ('the property developer') is on that day entitled to an SDI ('the returned interest') that was acquired in the course of a property development trade

2. Ìý

   •ÌýÌýÌýÌý that acquisition ('the reverse acquisition') was 'part of a qualifying exchange' (see below), and

3. Ìý

   •ÌýÌýÌýÌý a non-qualifying individual (defined as for the rules described in B6.746) is not permitted to occupy the dwelling. Occupation of any part of a dwelling is regarded as occupation of the dwelling². See below for