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

SCHEDULE 15 E+W RELIEF FOR CERTAIN TRANSACTIONS RELATING TO SOCIAL HOUSING

PART 4 E+W SHARED OWNERSHIP TRUSTS

Rent to shared ownership trust: charge to tax E+W

17 (1) The chargeable consideration for transactions forming part of a rent to shared ownership trust scheme is determined in accordance with this paragraph. E+W

(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).

Commencement Information

I1 Sch. 15 para. 17 in force at 1.4.2018 by S.I. 2018/34, art. 3