SCHEDULE 15 RELIEF FOR CERTAIN TRANSACTIONS RELATING TO SOCIAL HOUSING

PART 4 SHARED OWNERSHIP TRUSTS

Shared ownership trust: declaration not linked with staircasing etc.

16 For the purposes of determining the amount of tax chargeable on the declaration of a shared ownership trust, the declaration is to be treated as if it were not linked to—

(a) any equity-acquisition payment under the trust or any consequent increase in the buyer’s beneficial interest in the trust property, or

(b) a transfer to the buyer of an interest in the trust property on the termination of the trust.