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).