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

Shared ownership trust: election for market value treatment E+W

12 (1) This paragraph applies where— E+W

(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.

Commencement Information

I1 Sch. 15 para. 12 in force at 1.4.2018 by S.I. 2018/34, art. 3