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Finance Act 2003

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Changes over time for: Section 71

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Version Superseded: 01/04/2012

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Point in time view as at 01/04/2010. This version of this provision has been superseded. Help about Status

Changes to legislation:

Finance Act 2003, Section 71 is up to date with all changes known to be in force on or before 27 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

71Certain acquisitions by registered social landlordU.K.

[F1(A1)A land transaction under which the purchaser is a profit-making registered provider of social housing is exempt from charge if the transaction is funded with the assistance of a public subsidy.]

(1)A land transaction under which the purchaser is a [F2relevant housing provider] is exempt from charge if—

(a)the [F2relevant housing provider] is controlled by its tenants,

(b)the vendor is a qualifying body, or

(c)the transaction is funded with the assistance of a public subsidy.

[F3(1A)In this section “relevant housing provider” means—

(a)a non-profit registered provider of social housing, or

(b)a registered social landlord.]

(2)The reference in subsection (1)(a) to a [F4relevant housing provider]controlled by its tenants” is to a [F4relevant housing provider] the majority of whose board members are tenants occupying properties owned or managed by it.

  • Board member”, in relation to a [F4relevant housing provider], means—

    (a)

    if it is a company, a director of the company,

    (b)

    if it is a body corporate whose affairs are managed by its members, a member,

    (c)

    if it is body of trustees, a trustee,

    (d)

    if it is not within paragraphs (a) to (c), a member of the committee of management or other body to which is entrusted the direction of the affairs of the [F4relevant housing provider].

(3)In subsection (1)(b) “qualifying body” means—

(a)a [F5relevant housing provider],

(b)a housing action trust established under Part 3 of the Housing Act 1988 (c. 50),

(c)a principal council within the meaning of the Local Government Act 1972 (c. 70),

(d)the Common Council of the City of London,

(e)the Scottish Ministers,

(f)a council constituted under section 2 of the Local Government etc. (Scotland) Act 1994 (c. 39),

(g)Scottish Homes,

(h)the Department for Social Development in Northern Ireland, or

(i)the Northern Ireland Housing Executive.

(4)In [F6this section]public subsidy” means any grant or other financial assistance—

(a)made or given by way of a distribution pursuant to section 25 of the National Lottery etc. Act 1993 (c. 39) (application of money by distributing bodies),

(b)under section 18 of the Housing Act 1996 (c. 52) (social housing grants),

(c)under section 126 of the Housing Grants, Construction and Regeneration Act 1996 (c. 53) (financial assistance for regeneration and development),

[F7(ca)under section 19 of the Housing and Regeneration Act 2008 (financial assistance by the Homes and Communities Agency),]

(d)under section 2 of the Housing (Scotland) Act 1988 (c. 43) (general functions of the Scottish Ministers), or

(e)under Article 33 [F8or 33A] of the Housing (Northern Ireland) Order 1992 (S.I. 1992/1725 (N.I. 15)).

Textual Amendments

F1S. 71(A1) inserted (with effect in accordance with s. 81(8) of the amending Act) by Finance Act 2009 (c. 10), s. 81(3)

F6Words in s. 71(4) substituted (with effect in accordance with s. 81(8) of the amending Act) by Finance Act 2009 (c. 10), s. 81(4)

Commencement Information

I1Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)

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