Subsection (2) applies if one or more dwellings (referred to below as "new dwellings") are constructed on the site of the old dwelling after the demolition.
Any question as to whether or not a person has a single-dwelling interest at any time either in the old dwelling or in a new dwelling is determined on the assumption that the old dwelling ceases to exist, and the new dwellings come into existence, only when the rebuilding is completed.
The day after the rebuilding is completed is a valuation date in the case of any single-dwelling interest in a new dwelling.
In subsection (1)—
References to when the rebuilding is completed are to the end of whichever of the following days is earlier—
The reference in subsection (5) to the "completion day" is to the day on which the new dwelling is treated as having come into existence (or the first day on which all the new dwellings are treated as having come into existence) for the purposes of—