(1) The vendor of land that is to be transferred after the commencement day under a contract for sale of land in the contribution area that—
(a) was entered into on or after the relevant day and before 1 December 2009; and
(b) contains a term requiring the vendor to pay any growth areas infrastructure contribution that may be imposed in respect of the transfer—
may apply to the Board to relieve the purchaser of the land from the liability to pay a growth areas infrastructure contribution in respect of the transfer of the land.
Under section 50 of the Sale of Land Act 1962 , the purchaser has a right to deduct from the purchase price of the land transferred under such a contract the amount of the GAIC that is imposed in respect of the transfer of the land.
(2) An application for relief must—
(a) be in writing; and
(b) be made before the settlement of the contract of sale.
S. 201TJ inserted by No. 23/2010 s. 9.