Search Legislation

Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017

Status:

This is the original version (as it was originally enacted). This item of legislation is currently only available in its original format.

Shared ownership lease: election for market value treatment

This section has no associated Explanatory Notes

3(1)This paragraph applies where—

(a)a lease is granted—

(i)by a qualifying body, or

(ii)in pursuance of the preserved right to buy,

(b)the conditions in sub-paragraph (2) are met, and

(c)the buyer elects for tax to be charged in accordance with this paragraph.

(2)The conditions are—

(a)that the lease must be of a dwelling;

(b)that the lease must give the tenant exclusive use of the dwelling;

(c)that the lease must provide for the tenant to acquire the reversion;

(d)that the lease must be granted partly in consideration of rent and partly in consideration of a premium calculated by reference to—

(i)the market value of the dwelling, or

(ii)a sum calculated by reference to that value;

(e)that the lease must contain a statement of—

(i)the market value of the dwelling, or

(ii)the sum calculated by reference to that value,

by reference to which the premium is calculated.

(3)An election for tax to be charged under this paragraph—

(a)must be included in the return made in respect of the grant of the lease (or in an amendment to that return), and

(b)is irrevocable, so that the return may not be amended so as to withdraw the election.

(4)Where this paragraph applies the chargeable consideration for the grant of the lease is taken to be the amount stated in the lease in accordance with sub-paragraph (2)(e)(i) or (ii).

(5)Where this paragraph applies no account is taken for the purposes of land transaction tax of the rent mentioned in sub-paragraph (2)(d).

(6)Section 70 (meaning of market value) does not apply to this paragraph.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area. The revised version is currently only available in English.

Original (As Enacted or Made) - English:The original English language version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Original (As Enacted or Made) - Welsh:The original Welsh language version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the Welsh Government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes accompany all Acts of the National Assembly for Wales.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources