SCHEDULES
C1SCHEDULE 9Stamp duty land tax: right to buy, shared ownership leases etc
F1Shared ownership trust: election for market value treatment
Sch. 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)
9
1
This paragraph applies where—
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.
Sch. 9 modified (temp.) (22.7.2020) by Stamp Duty Land Tax (Temporary Relief) Act 2020 (c. 15), s. 1 (as amended (10.6.2021) by 2021 c. 26, s. 87(2))