The first supply of a building, or any part thereof, which is converted to a residential building shall be zero-rated, provided that the supply takes place within three (3) years as of the completion of the conversion and the original building, or any part thereof, has not been used as a residential building and not comprised part of a residential building within (5) five years prior to the commencement of the conversion work.

The presence of shared or common facilities, or dividing walls or similar features in a residential building shall not be sufficient grounds to consider the residential building or any part thereof as part of an existing residential building.