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Finance Act 2003

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Changes over time for: Paragraph 9

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Point in time view as at 01/01/2013.

Changes to legislation:

Finance Act 2003, Paragraph 9 is up to date with all changes known to be in force on or before 24 February 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. Help about Changes to Legislation

[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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