24 May 2017
363.Part 6 sets out the provisions under which land transactions involving social housing providers can be relieved from the LTT charge where qualifying conditions are met.
364.A registered social landlord can claim relief from LTT where they are entering into a land transaction as a buyer, and:
the registered social landlord is controlled by its tenants (i.e. the majority of the board members are tenants occupying properties owned or managed by it);
the seller is a qualifying body; or
the transaction is funded with the assistance of a public subsidy.
365.Paragraph 19(3) provides for interpretation and sets out the meanings of the terms “board member”, “public subsidy” and “qualifying body” for the purposes of this Part. A “registered social landlord” is defined as a body registered as a social landlord in a register maintained under section 1(1) of the Housing Act 1996.