SCHEDULE 15RELIEF FOR CERTAIN TRANSACTIONS RELATING TO SOCIAL HOUSING

PART 4SHARED OWNERSHIP TRUSTS

Rent to shared ownership trust: charge to tax

I117

1

The chargeable consideration for transactions forming part of a rent to shared ownership trust scheme is determined in accordance with this paragraph.

2

A “"rent to shared ownership trust scheme”” means a scheme or arrangement under which —

a

a qualifying body grants an occupation contract of a dwelling to a person (““the tenant””) or persons (““the tenants””), and

b

the tenant, or one or more of the tenants, subsequently becomes the buyer under a shared ownership trust of the dwelling, or another dwelling, under which the qualifying body is the social landlord.

3

The following transactions are to be treated as if they were not linked to each other—

a

the grant of the occupation contract,

b

the declaration of the shared ownership trust, and

c

any other land transaction between the qualifying body and the tenant, or any of the tenants, entered into as part of the scheme.

4

In this paragraph “"occupation contract”” has the meaning given by Part 2 of the Renting Homes (Wales) Act 2016 (anaw 1).