[F111U.K.Where no election has been made under paragraph 9 in respect of a shared ownership trust—
(a)the initial capital shall be treated for the purposes of stamp duty land tax as chargeable consideration other than rent, and
(b)any rent-equivalent F2... payment by the purchaser shall be treated for the purposes of stamp duty land tax as a payment of rent.]
Textual Amendments
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)
F2Word in Sch. 9 para. 11(b) omitted (with effect in accordance with s. 95(13) of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 95(9)