SCHEDULES

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

Rent to mortgage or rent to loan: chargeable consideration

F1Shared ownership trust: treatment of staircasing transaction

10

(1)

An equity-acquisition additional 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 additional 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.