Chwilio Deddfwriaeth

Finance Act 2003

 Help about what version

Pa Fersiwn

 Help about advanced features

Nodweddion Uwch

 Help about opening options

Dewisiadau AgorExpand opening options

Changes over time for: Section 71

 Help about opening options

No versions valid at: 10/04/2003

Status:

Point in time view as at 10/04/2003. This version of this provision is not valid for this point in time. Help about Status

Changes to legislation:

Finance Act 2003, Section 71 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Yn ddilys o 10/07/2003

71Certain acquisitions by registered social landlordU.K.

(1)A land transaction under which the purchaser is a registered social landlord is exempt from charge if—

(a)the registered social landlord is controlled by its tenants,

(b)the vendor is a qualifying body, or

(c)the transaction is funded with the assistance of a public subsidy.

(2)The reference in subsection (1)(a) to a registered social landlord “controlled by its tenants” is to a registered social landlord the majority of whose board members are tenants occupying properties owned or managed by it.

  • Board member”, in relation to a registered social landlord, means—

    (a)

    if it is a company, a director of the company,

    (b)

    if it is a body corporate whose affairs are managed by its members, a member,

    (c)

    if it is body of trustees, a trustee,

    (d)

    if it is not within paragraphs (a) to (c), a member of the committee of management or other body to which is entrusted the direction of the affairs of the registered social landlord.

(3)In subsection (1)(b) “qualifying body” means—

(a)a registered social landlord,

(b)a housing action trust established under Part 3 of the Housing Act 1988 (c. 50),

(c)a principal council within the meaning of the Local Government Act 1972 (c. 70),

(d)the Common Council of the City of London,

(e)the Scottish Ministers,

(f)a council constituted under section 2 of the Local Government etc. (Scotland) Act 1994 (c. 39),

(g)Scottish Homes,

(h)the Department for Social Development in Northern Ireland, or

(i)the Northern Ireland Housing Executive.

(4)In subsection (1)(c) “public subsidy” means any grant or other financial assistance—

(a)made or given by way of a distribution pursuant to section 25 of the National Lottery etc. Act 1993 (c. 39) (application of money by distributing bodies),

(b)under section 18 of the Housing Act 1996 (c. 52) (social housing grants),

(c)under section 126 of the Housing Grants, Construction and Regeneration Act 1996 (c. 53) (financial assistance for regeneration and development),

(d)under section 2 of the Housing (Scotland) Act 1988 (c. 43) (general functions of the Scottish Ministers), or

(e)under Article 33 of the Housing (Northern Ireland) Order 1992 (S.I. 1992/1725 (N.I. 15)).

Commencement Information

I1Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)

Yn ôl i’r brig

Options/Cymorth

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?