Finance Act 2009

81 Registered providers of social housing U.K.

(1) Part 4 of FA 2003 (stamp duty land tax) is amended as follows.

(2) Section 71 (certain acquisitions by registered social landlord) is amended as follows.

(3) Insert at the beginning—

“(A1) A land transaction under which the purchaser is a profit-making registered provider of social housing is exempt from charge if the transaction is funded with the assistance of a public subsidy.”

(4) In subsection (4), for “subsection (1)(c)” substitute “ this section ”.

(5) Schedule 9 (right to buy etc) is amended as follows.

(6) In paragraph 5 (shared ownership leases: “qualifying body” etc)—

(a) in sub-paragraph (2), insert at the end—

“(g) a registered provider of social housing that is not within paragraph (b) (subject to sub-paragraph (2A)).”, and

(b) after that sub-paragraph insert—

“(2A) A registered provider of social housing within sub-paragraph (2)(g) (“R”) is only a qualifying body in relation to a lease of premises if the following has been funded with the assistance of a grant or other financial assistance under section 19 of the Housing and Regeneration Act 2008—

(a) the purchase or construction of the premises by R (or a person connected with R), or

(b) the adaptation of the premises by R (or a person connected with R) for use as a dwelling.

(2B) Section 839 of the Taxes Act 1988 (connected persons) has effect for the purposes of sub-paragraph (2A).”

(7) In paragraph 7 (shared ownership trusts: introduction)—

(a) in sub-paragraph (3), omit “(within the meaning of paragraph 5(2))”, and

(b) insert at the end—

“(7) In Condition 2 “qualifying body” means—

(a) a qualifying body within the meaning of paragraph 5(2)(a) to (f), or

(b) a registered provider of social housing within paragraph 5(2)(g) (subject to sub-paragraph (8)).

(8) A registered provider of social housing within paragraph 5(2)(g) (“R”) is only a qualifying body in relation to a shared ownership trust if the following has been or is being funded with the assistance of a grant or other financial assistance under section 19 of the Housing and Regeneration Act 2008—

(a) the purchase or construction of the trust property by R (or a person connected with R), or

(b) the adaptation of the trust property by R (or a person connected with R) for use as a dwelling.

(9) Section 839 of the Taxes Act 1988 (connected persons) has effect for the purposes of sub-paragraph (8).”

(8) The amendments made by this section have effect in relation to transactions with an effective date on or after the day on which this Act is passed.