512Diminishing shared ownership arrangementsU.K.
(1)In the case of diminishing shared ownership arrangements, payments by the eventual owner under the arrangements are alternative finance return for the purposes of this Part, except so far as subsection (2) or (3) applies to them.
(2)This subsection applies to the payments so far as they amount to payments of the kind described in section 504(1)(c) (payments to be made by the eventual owner to the [F1first owner], amounting to the consideration paid for the acquisition of the [F2first owner’s] beneficial interest).
(3)This subsection applies to the payments so far as they amount to payments in respect of any arrangement fee or legal or other expenses which the eventual owner is required under the arrangements to pay.
(4)In this section “the eventual owner” has the same meaning as in section 504.
Textual Amendments
F1Words in s. 512(2) substituted (24.5.2022) by The Alternative Finance (Income Tax, Capital Gains Tax and Corporation Tax) Order 2022 (S.I. 2022/572), arts. 1(2), 8(7)(a) (with art. 1(3))
F2Words in s. 512(2) substituted (24.5.2022) by The Alternative Finance (Income Tax, Capital Gains Tax and Corporation Tax) Order 2022 (S.I. 2022/572), arts. 1(2), 8(7)(b) (with art. 1(3))