SCHEDULES
SCHEDULE 9Stamp duty land tax: right to buy, shared ownership leases etc
F1Rent to shared ownership lease: charge to tax
13
1
The chargeable consideration for transactions forming part of a rent to shared ownership lease scheme is determined in accordance with this paragraph.
2
A “rent to shared ownership lease scheme” means a scheme or arrangement under which a qualifying body—
a
grants an assured shorthold tenancy of a dwelling to a person (“the tenant”) or persons (“the tenants”), and
b
subsequently grants a shared ownership lease of the dwelling or another dwelling to the tenant or one or more of the tenants.
3
The following transactions are to be treated as if they were not linked to each other—
a
the grant of the assured shorthold tenancy,
b
the grant of the shared ownership lease, and
c
any other land transaction between the qualifying body and the tenant, or any of the tenants, entered into as part of the scheme.
4
For the purpose of determining the effective date of the grant of the shared ownership lease, the possession of the dwelling by the tenant or tenants pursuant to the assured shorthold tenancy is to be disregarded.
5
In this paragraph—
“assured shorthold tenancy” has the same meaning as in Part 1 of the Housing Act 1988;
“qualifying body” has the same meaning as in paragraph 5;
“shared ownership lease” has the same meaning as in paragraph 4A.
Sch. 9 paras. 13, 14 and cross-headings inserted (with effect in accordance with s. 82(2)(3) of the amending Act) by Finance Act 2009 (c. 10), s. 82(1)