Knowledge Highlights 22 May 2020
The Covid-19 (Temporary Measures) (Transfer of Benefit of Property Tax Remission) Regulations 2020 (“Regulations”) came into operation on 13 May 2020. The Regulations delineate how landlords of non-residential properties are required to transfer to prescribed tenants the benefit of the property tax remissions prescribed in response to the Covid-19 pandemic.
In particular, the Regulations provide for the following in relation to Part 6 of the Covid-19 (Temporary Measures) Act 2020:
1. Prescribed remissions;
2. Prescribed lessees and licensees;
3. Amount of benefit for passing on;
4. Manner of and time for passing on benefit;
5. Owners’ obligation to provide information to tenants; and
6. Exemption from passing benefit.
Part 6 of the Covid-19 (Temporary Measures) Act 2020 came into force on 22 April 2020, bringing into effect provisions that impose a duty on owners of non-residential properties to transfer to their lessees and licensees the benefit that owners receive from any reduction in property tax under the prescribed remissions in response to the Covid-19 pandemic.
This article provides a summary of some provisions in the Regulations. To read the article, please click here.
In addition, we have a cross-disciplinary Covid-19 Legal Task Force consisting of Partners across various practice areas to provide rapid assistance. Should you have any queries, please do not hesitate to get in touch with us at email@example.com.