http://www.legislation.gov.uk/anaw/2017/1/schedule/15/paragraph/12
Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017
An Act of the National Assembly for Wales to make provision about the taxation of land transactions; to amend the Tax Collection and Management (Wales) Act 2016 (anaw 6) to make provision about counteracting avoidance of devolved taxes; to make other amendments to that Act; and for connected purposes.
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Statute Law Database
2024-04-02
Expert Participation
2022-09-09
SCHEDULE 15RELIEF FOR CERTAIN TRANSACTIONS RELATING TO SOCIAL HOUSING
PART 4SHARED OWNERSHIP TRUSTS
Shared ownership trust: election for market value treatment
I112
1
This paragraph applies where—
a
a shared ownership trust is declared, and
b
the buyer makes an election under this paragraph.
2
An election for tax to be charged in accordance with this paragraph—
a
must be included in the return made in respect of the grant of the lease (or in an amendment to that return), and
b
is irrevocable so that the return may not be amended so as to withdraw the election.
3
Where this paragraph applies—
a
the chargeable consideration for the declaration of the shared ownership trust is taken to be the amount stated in accordance with paragraph 10(5)(f), and
b
no account is to be taken of the rent-equivalent payments.