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Finance Act 2003
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Finance Act 2003, Paragraph 9 is up to date with all changes known to be in force on or before 07 January 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Schedule 9 Paragraph 9:
- Sch. 17A para. 10(1)(f)(fa) substituted for Sch. 17A para. 10(1)(f) by 2024 c. 22 Sch. 9 para. 12(b)
- specified provision(s) savings for amendments by 2018 anaw 1, s. 6, Sch. 6 by S.I. 2019/110 reg. 5
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- Sch. 17A para. 10(1)(f)(fa) substituted for Sch. 17A para. 10(1)(f) by 2024 c. 22 Sch. 9 para. 12(b)
[F19(1)This paragraph applies where—U.K.
(a)a shared ownership trust is declared, and
(b)the purchaser elects for tax to be charged in accordance with this paragraph.
(2)An election must be included in—
(a)the land transaction return for the declaration of the shared ownership trust, or
(b)an amendment of that return.
(3)An election may not be revoked.
(4)Where this paragraph applies—
(a)the chargeable consideration for the declaration of the shared ownership trust shall be taken to be the amount stated in accordance with paragraph 7(4)(f), and
(b)no account shall be taken for the purposes of stamp duty land tax of rent-equivalent payments.
(5)The transfer to the purchaser of an interest in the trust property upon the termination of the trust is exempt from charge if—
(a)an election was made under this paragraph, and
(b)any tax chargeable in respect of the declaration of the shared ownership trust has been paid.]
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)
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