96.—(1) In this section “waiver” means a waiver of exemption from tax under section 7(1) of the repealed enactment.

(2) A waiver shall cease to have effect F278[on the date specified in subsection (7A)].

(3) F280[…]

(4) F280[…]

(5) Where a person cancelled his or her waiver before 1 July 2008, then, for the purposes of applying Chapter 2 of Part 8, the adjustment period (within the meaning of section 63(1) or, as the context may require, the period to be treated as the adjustment period in accordance with section 95(12)) in relation to any capital good the tax chargeable on that person’s acquisition or development of which that person was obliged to take into account when that person made that cancellation, shall be treated as if it ended on the date on which that cancellation had effect.

(6) F278[Subsections (6) and (7)] apply to an accountable person (in those subsections referred to as a “landlord”)—

(a) F278[who had a waiver which was cancelled before the date of the passing of the Finance Act 2025], and

(b) who had not cancelled the waiver before 1 July 2008.

(7) For the purposes of applying Chapter 2 of Part 8, the adjustment period (within the meaning of section 63(1) or, as the context may require, the period to be treated as the adjustment period in accordance with section 95(12)) in relation to a capital good the tax chargeable on the landlord’s acquisition or development of which that landlord was obliged to take into account when that landlord cancelled his or her waiver, shall end on the date on which that cancellation had effect.

F279[(7A) A waiver which has not been cancelled before the date of the passing of the Finance Act 2025 shall be cancelled on the date of the passing of that Act.

(7B) (a) This subsection applies to a waiver cancelled by virtue of subsection (7A).

(b) For the purposes of applying Chapter 2 of Part 8, the adjustment period (within the meaning of section 63(1) or, as the context may require, the period to be treated as the adjustment period in accordance with section 95(12)) in relation to the tax chargeable on the landlord’s acquisition or development of a capital good, where that landlord used that capital good in relation to the supply of services to which a waiver applied, shall end on the date specified in subsection (7A).]

(8) F280[…]

(9) F280[…]

(10) F280[…]

(11) F280[…]

(12) F280[…]