SCHEDULE 15RELIEF FOR CERTAIN TRANSACTIONS RELATING TO SOCIAL HOUSING
PART 1INTRODUCTORY
Overview
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1
This Schedule makes provision about reliefs available for certain transactions relating to social housing.
2
This Schedule is arranged as follows—
a
Part 2 makes provision about relief available for F1transactions subject to a public sector discount,
b
Part 3 makes provision about the tax chargeable and relief available where a shared ownership lease or a rent to shared ownership lease transaction is entered into,
c
Part 4 makes provision about the tax chargeable and relief available where a shared ownership trust is declared and where a rent to shared ownership trust scheme is entered into,
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e
Part 6 provides relief for certain acquisitions by registered social landlords.
PART 2F15Public Sector Discount Relief
F16Relief for public sector discount transactions
Sch. 15 para. 2 heading substituted (26.1.2019) by virtue of The Abolition of the Right to Buy and Associated Rights (Wales) Act 2018 (Consequential Amendments and Savings Provisions) Regulations 2019 (S.I. 2019/110), regs. 1, 4(b)(iii)(bb)
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1
In the case of F3a transaction subject to a public sector discount—
a
section 19(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 ““F4transaction subject to a public sector discount”” 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 bodyF5...
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3
The following are relevant public sector bodies for the purposes of this paragraph—
a
a Minister of the Crown;
b
the Welsh Ministers;
c
a local housing authority within the meaning given by section 1 of the Housing Act 1985 (c. 68);
d
a registered social landlord;
e
a housing action trust established under Part 3 of the Housing Act 1988 (c. 50);
f
a local policing body within the meaning of section 101(1) of the Police Act 1996 (c. 16);
g
a person specified for the purposes of this paragraph by the Welsh Ministers by regulations.
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6
In this paragraph—
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“"registered social landlord”” (“"landlord cymdeithasol cofrestredig”") means a body registered as a social landlord in a register maintained under section 1(1) of the Housing Act 1996 (c. 52).
PART 3SHARED OWNERSHIP LEASES
PART 4SHARED OWNERSHIP TRUSTS
PART 5RENT TO MORTGAGE
Rent to mortgage: chargeable consideration
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PART 6RELIEF FOR CERTAIN ACQUISITIONS BY REGISTERED SOCIAL LANDLORDS
Relief for certain acquisitions by registered social landlords
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1
A land transaction under which the buyer is a registered social landlord is relieved from tax if—
a
the registered social landlord is controlled by its tenants,
b
the seller is a qualifying body, or
c
the transaction is funded with the assistance of a public subsidy.
2
The reference in sub-paragraph (1)(a) to a registered social landlord ““controlled by its tenants”” is to a registered social landlord the majority of whose board members are tenants occupying properties owned or managed by it.
3
In this paragraph—
“"board member”” (“"aelod o'r bwrdd”"), in relation to a registered social landlord, means—
- a
if it is a company, a director of the company,
- b
if it is a body corporate whose affairs are managed by its members, a member,
- c
if it is body of trustees, a trustee, or
- d
if it is not within paragraphs (a) to (c), a member of the committee of management or other body to which is entrusted the direction of the affairs of the registered social landlord;
- a
“"public subsidy”” (“"cymhorthdal cyhoeddus”") means any grant or other financial assistance—
- a
made or given by way of a distribution pursuant to section 25 of the National Lottery etc. Act 1993 (c. 39) (application of money by distributing bodies),
- b
made by the Welsh Ministers under section 18 of the Housing Act 1996 (c. 52) (social housing grants), or
- c
under section 126 of the Housing Grants, Construction and Regeneration Act 1996 (c. 53) (financial assistance for regeneration and development);
- a
“"qualifying body”” (“"corff cymwys”") means any of the following—
- a
a registered social landlord;
- b
a housing action trust established under Part 3 of the Housing Act 1988 (c. 50);
- c
a county or county borough council constituted under section 21 of the Local Government Act 1972 (c. 70);
- d
a county or district council constituted under section 2 of that Act;
- e
the Welsh Ministers.
- a
Sch. 15 Pt. 2 title substituted (26.1.2019) by virtue of The Abolition of the Right to Buy and Associated Rights (Wales) Act 2018 (Consequential Amendments and Savings Provisions) Regulations 2019 (S.I. 2019/110), regs. 1, 4(b)(iii)(aa)