Finance Act 1980

97 Shared ownership transactions. U.K.

(1) A lease to which this section applies shall, instead of being chargeable with stamp duty under the heading “Lease or Tack” in Schedule 1 to the M1 Stamp Act 1891, be chargeable with stamp duty under the heading “Conveyance or Transfer on Sale” in that Schedule as if it were a conveyance for a consideration equal to the value [F1 or sum] stated in the lease in accordance with subsection (2)(d) below ; and where stamp duty has been paid on a lease in accordance with this section stamp duty shall not be chargeable under that Act on any instrument executed in pursuance of the lease whereby the reversion is transferred to the lessee.

(2) This section applies to any lease granted by a body mentioned in subsection (3) below, being a lease which—

(a) is of a dwelling for the exclusive use of the lessee or, if there are joint lessees, of those lessees;

[F2 (b) is granted partly in consideration of a premium calculated by reference to—

(i) the market value of the dwelling, or

(ii) a sum calculated by reference to that value, and partly in consideration of rent]

(c) provides for the lessee to acquire reversion; and

(d) contains a statement of the market value referred to in [F3 paragraph (b)(i) above or, as the case may be, the sum referred to in paragraph (b)(ii) above] and a statement to the effect that the parties intend duty to be charged in accordance with this section by reference to that value [F4 or as the case may be, to that sum].

(3) The bodies referred to in subsection (2) above are—

[F5 (a) a local housing authority within the meaning of the Housing Act 1985;

(b) a housing association [F6 within the meaning of] the Housing Associations Act 1985 or [F7 Part VII] of the Housing (Northern Ireland) Order 1981;]

(c) a development corporation established by an order made, or having effect as if made, under the M2 New Towns Act 1965 ;

[F8 (cc) a housing action trust established under Part III of the Housing Act 1988;]

(d) the Commission for the New Towns;

F9 (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(f) the Northern Ireland Housing Executive;

(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F10

(4) For the purposes of subsection (1) above an instrument transferring a reversion shall not be regarded as executed in pursuance of a lease in respect of which duty has been paid in accordance with this section unless it contains a statement to the effect that it has been so executed.

Textual Amendments

F1 Words inserted by Finance Act 1981 (c. 35, SIF 114), s. 108(1)(2)(7)

F2 S. 97(2)(b) substituted by Finance Act 1981 (c. 35, SIF 114), s. 108(1)(3)(a)(7)

F3 Words substituted by Finance Act 1981 (c. 35, SIF 114), s. 108(1)(3)(b)(7)

F4 Words added by Finance Act 1981 (c. 35, SIF 114), s. 108(1)(3)(b)(7)

F5 S. 97(3)(a)(b) substituted by Housing (Consequential Provisions) Act 1985 (c. 71, SIF 61), s. 4, Sch. 2 para. 43

F6 Words substituted by Finance Act 1987 (c. 16, SIF 114), s. 54(1)(a)(4)

F7 Words substituted by Finance Act 1987 (c. 16, SIF 114), s. 54(1)(b)(4)

F8 S. 97(3)(cc) inserted by Finance Act 1988 (c. 39, SIF 114), s. 142(1)

F9 S. 97(3)(e) repealed (1.10.1998) by 1998 c. 38, s. 152, Sch. 18 Pt. IV (with ss. 137(1), 139(2), 143(2)); S.I. 1998/2244, art. 4

F10 S. 97(3)(g) repealed by Housing (Consequential Provisions) Act 1985 (c. 71, SIF 61), s. 3, Sch. 1 Pt. I

Modifications etc. (not altering text)

C1 S. 97 extended by Finance Act 1987 (c. 16, SIF 114), s. 54(2)–(4)

Marginal Citations

M1 1891 c. 39.

M2 1965. c. 59.