Finance Act 2003

71 Certain acquisitions by registered social landlord

(1) A land transaction under which the purchaser is a registered social landlord is exempt from charge if—

(a) the registered social landlord is controlled by its tenants,

(b) the vendor is a qualifying body, or

(c) the transaction is funded with the assistance of a public subsidy.

(2) The reference in subsection (1)(a) to a registered social landlord “controlled by its tenants” is to a registered social landlord the majority of whose board members are tenants occupying properties owned or managed by it.

• “Board member”, in relation to a registered social landlord, means—

  (a)

  if it is a company, a director of the company,

  (b)

  if it is a body corporate whose affairs are managed by its members, a member,

  (c)

  if it is body of trustees, a trustee,

  (d)

  if it is not within paragraphs (a) to (c), a member of the committee of management or other body to which is entrusted the direction of the affairs of the registered social landlord.

(3) In subsection (1)(b) “qualifying body” means—

(a) a registered social landlord,

(b) a housing action trust established under Part 3 of the Housing Act 1988 (c. 50),

(c) a principal council within the meaning of the Local Government Act 1972 (c. 70),

(d) the Common Council of the City of London,

(e) the Scottish Ministers,

(f) a council constituted under section 2 of the Local Government etc. (Scotland) Act 1994 (c. 39),

(g) Scottish Homes,

(h) the Department for Social Development in Northern Ireland, or

(i) the Northern Ireland Housing Executive.

(4) In subsection (1)(c) “public subsidy” means any grant or other financial assistance—

(a) made or given by way of a distribution pursuant to section 25 of the National Lottery etc. Act 1993 (c. 39) (application of money by distributing bodies),

(b) under section 18 of the Housing Act 1996 (c. 52) (social housing grants),

(c) under section 126 of the Housing Grants, Construction and Regeneration Act 1996 (c. 53) (financial assistance for regeneration and development),

(d) under section 2 of the Housing (Scotland) Act 1988 (c. 43) (general functions of the Scottish Ministers), or

(e) under Article 33 of the Housing (Northern Ireland) Order 1992 (S.I. 1992/1725 (N.I. 15)).