Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw1)

SCHEDULE 15 RELIEF FOR CERTAIN TRANSACTIONS RELATING TO SOCIAL HOUSING

PART 4 SHARED OWNERSHIP TRUSTS

Shared ownership trust: treatment of additional payments where no election made

15 Where no election has been made under paragraph 12 in respect of a shared ownership trust—

(a) the initial capital is to be treated as chargeable consideration other than rent, and

(b) any rent-equivalent payment by the buyer is to be treated as a payment of rent.