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- Point in Time (01/04/2010)
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Version Superseded: 16/01/2012
Point in time view as at 01/04/2010.
Finance Act 2003, Cross Heading: Right to buy transactions is up to date with all changes known to be in force on or before 26 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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1(1)In the case of a right to buy transaction—U.K.
(a)section 51(1) (contingent consideration to be included in chargeable consideration on assumption that contingency will occur) does not apply, and
(b)any consideration that would be payable only if a contingency were to occur, or that is payable only because a contingency has occurred, does not count as chargeable consideration.
(2)A “right to buy transaction” means—
(a)the sale of a dwelling at a discount, or the grant of a lease of a dwelling at a discount, by a relevant public sector body, or
(b)the sale of a dwelling, or the grant of a lease of a dwelling, in pursuance of the preserved right to buy.
(3)The following are relevant public sector bodies for the purposes of sub-paragraph (2)(a):
Government
A Minister of the Crown
The Scottish Ministers
A Northern Ireland department
Local Government
A local housing authority within the meaning of the Housing Act 1985 (c. 68)
A county council in England
A council constituted under section 2 of the Local Government etc. (Scotland) Act 1994 (c. 39), the common good of such a council or any trust under its control
A district council within the meaning of the Local Government Act (Northern Ireland) 1972 (c. 9 (N.I.))
Social housing
[F1The Regulator of Social Housing]
Scottish Homes
The Northern Ireland Housing Executive
[F2A non-profit registered provider of social housing]
A registered social landlord
A housing action trust established under Part 3 of the Housing Act 1988 (c. 50)
New towns and development corporations [F3etc.]
The [F4Homes and Communities Agency]
A development corporation established by an order made, or having effect as if made, under the New Towns Act 1981 (c. 64)
A development corporation established by an order made, or having effect as if made, under the New Towns (Scotland) Act 1968 (c. 16)
A new town commission established under section 7 of the New Towns Act (Northern Ireland) 1965 (c. 13 (N.I.))
An urban development corporation established by an order made under section 135 of the Local Government, Planning and Land Act 1980 (c. 65)
F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Police
A police authority within the meaning of section 101(1) of the Police Act 1996 (c. 16)
A police authority within the meaning of section 2(1) or 19(9)(b) of the Police (Scotland) Act 1967 (c. 77)
The Northern Ireland Policing Board
Miscellaneous
An Education and Libraries Board within the meaning of the Education and Libraries (Northern Ireland) Order 1986 (S.I. 1986/594 (N.I. 3))
The United Kingdom Atomic Energy Authority
Any person mentioned in paragraphs (g), (k), (l) or (n) of section 61(11) of the Housing (Scotland) Act 1987 (c. 26)
A body prescribed for the purposes of this sub-paragraph by Treasury order.
(4)For the purposes of sub-paragraph (2)(b) the transfer of a dwelling, or the grant of a lease of a dwelling, is made in pursuance of the preserved right to buy if—
(a)the vendor is—
(i)in England and Wales, a person against whom the right to buy under Part 5 of the Housing Act 1985 (c. 68) is exercisable by virtue of section 171A of that Act, or
(ii)in Scotland, a person against whom the right to buy under section 61 of the Housing (Scotland) Act 1987 is exercisable by virtue of section 81A of that Act,
(which provide for the preservation of the right to buy on disposal to a private sector landlord),
(b)the purchaser is the qualifying person for the purposes of the preserved right to buy, and
(c)the dwelling is the qualifying dwelling-house in relation to the purchaser.
(5)A grant under section 20 or 21 of the Housing Act 1996 (c. 52) (purchase grants in respect of disposals at a discount by registered social landlords) does not count as part of the chargeable consideration for a right to buy transaction in relation to which the vendor is a registered social landlord [F6or [F7private registered provider] of social housing].
[F8(6)A grant under section 19 of the Housing and Regeneration Act 2008 which—
(a)is made by virtue of section 35 of that Act, or
(b)is otherwise made to a relevant provider of social housing (within the meaning of section 35 of that Act) in respect of discounts given by the provider on disposals of dwellings to tenants,
does not count as part of the chargeable consideration for a right to buy transaction to which the vendor is a relevant provider of social housing.]
Textual Amendments
F1Words in Sch. 9 para. 1(3) substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 32(2)(a); S.I. 2010/862, art. 2 (with Sch.)
F2Words in Sch. 9 para. 1(3) inserted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 32(2)(b); S.I. 2010/862, art. 2 (with Sch.)
F3Word in Sch. 9 para. 1(3) inserted (1.12.2008) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 8 para. 80(2)(a); S.I. 2008/3068, art. 2(1)(w)(3) (with arts. 6-13)
F4Words in Sch. 9 para. 1(3) substituted (1.12.2008) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 8 para. 80(2)(b); S.I. 2008/3068, art. 2(1)(w)(3) (with arts. 6-13)
F5Words in Sch. 9 para. 1(3) omitted (1.4.2006) by virtue of The Welsh Development Agency (Transfer of Functions to the National Assembly for Wales and Abolition) Order 2005 (S.I. 2005/3226), arts. 1(2), 7, Sch. 2 para. 14 (with art. 3(1))
F6Words in Sch. 9 para. 1(5) inserted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 32(3); S.I. 2010/862, art. 2 (with Sch.)
F7Words in Sch. 9 para. 1(5) substituted (1.4.2010) by virtue of The Housing and Regeneration Act 2008 (Registration of Local Authorities) Order 2010 (S.I. 2010/844), art. 1(2), Sch. 2 para. 25(a)
F8Sch. 9 para. 1(6) inserted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 32(4); S.I. 2010/862, art. 2 (with Sch.)
Modifications etc. (not altering text)
C1Sch. 9 para. 1(3) modified (1.12.2008) by The Transfer of Housing Corporation Functions (Modifications and Transitional Provisions) Order 2008 (S.I. 2008/2839), arts. 1(1), 3, Sch. para. 1 (with art. 6) (see S.I. 2008/3068, art. 2(1)(b))
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