Transfer of reversion under shared ownership lease where election made for market value treatmentU.K.
3U.K.The transfer of the reversion to the lessee or lessees under the terms of a lease to which paragraph 2 applies (shared ownership lease: election for market value treatment) is exempt from charge if—
(a)an election was made for tax to be charged in accordance with that paragraph, and
(b)any tax chargeable in respect of the grant of the lease has been paid.