SCHEDULES

SCHEDULE 9Stamp duty land tax: right to buy, shared ownership leases etc

F1Shared ownership trust: treatment of staircasing transaction

Annotations:
Amendments (Textual)

F1Sch. 9 paras. 7-11 and cross-headings inserted (with effect in accordance with s. 77(2) of the amending Act) by Finance Act 2007 (c. 11), s. 77(1)

10

(1)

An equity-acquisition F2... payment under a shared ownership trust, and the consequent increase in the purchaser's beneficial interest, shall be exempt from charge if—

(a)

an election was made under paragraph 9, and

(b)

any tax chargeable in respect of the declaration of trust has been paid.

(2)

An equity-acquisition F3... payment under a shared ownership trust, and the consequent increase in the purchaser's beneficial interest, shall also be exempt from charge if following the increase the purchaser's beneficial interest does not exceed 80% of the total beneficial interest in the trust property.