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

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Changes over time for: Paragraph 12

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No versions valid at: 25/05/2017

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Point in time view as at 25/05/2017. This version of this cross heading contains provisions that are not valid for this point in time. Help about Status

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There are currently no known outstanding effects for the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017, Paragraph 12. Help about Changes to Legislation

Valid from 18/10/2017

Valid from 01/04/2018

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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.

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