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(a) a supply of immovable goods in respect of which, pursuant to sections 94(2) and 95(3) and (7)(b) sections 93(2)(a)(i), 94(2) and 95(3) and (7)(b), tax is not chargeable, and

(ii) the failure of the lessee to exercise any option of the kind referred to in section 93(1)(a) in relation to that interest in those goods (but excluding any such failure if such interest were created on or after 1 July 2008), and

(7) For the purposes of section 93(1)(c) (ii) , the tax charged at the rate specified in section 46(1)(b) by virtue of paragraph 7(7) of Schedule 2 shall be deemed to be tax which is deductible under Chapter 1 of Part 8.

(b) The option for taxation shall not apply to relevant supplies that are exempt in accordance with section 93(2) or 95(3) or (7)(b).

(b) an interest in immovable goods within the meaning of section 93 (other than a freehold interest or a freehold equivalent interest) created by a taxable person prior to 1 July 2008 and held by a taxable person on 1 July 2008 and the reversionary interest (within the meaning of section 93(2)) on that interest until that interest is surrendered after 1 July 2008. after 1 July 2008, and

(b) an interest in immovable goods within the meaning of section 93 (other than a freehold interest or a freehold equivalent interest) created by a taxable person prior to 1 July 2008 and held by a taxable person on 1 July 2008 and the reversionary interest (within the meaning of section 93(2)) on that interest until that interest is surrendered after 1 July 2008. after 1 July 2008, and

“interest”, in relation to immovable goods, shall be construed in accordance with section 93(1);