Part 3 Shared Ownership Leases
Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (2017 anaw 1) | Legislation

Part 3 Shared Ownership Leases

Shared ownership lease: election for market value treatment

3

(1)     This paragraph applies where—

(a)     a lease is granted—

(i)     by a qualifying body. . .

(ii)     . . .

(b)     the conditions in sub-paragraph (2) are met, and

(c)     the buyer elects for tax to be charged in accordance with this paragraph.

(2)     The conditions are—

(a)     that the lease must be of a dwelling;

(b)     that the lease must give the tenant exclusive use of the dwelling;

(c)     that the lease must provide for the tenant to acquire the reversion;

(d)     that the lease must be granted partly in consideration of rent and partly in consideration of a premium calculated by reference to—

(i)     the market value of the dwelling, or

(ii)     a sum calculated by reference to that value;

(e)     that the lease must contain a statement of—

(i)     the market value of the dwelling, or

(ii)     the sum calculated by reference to that value,

by reference to which the premium is calculated.

(3)     An election for tax to be charged under this paragraph—

(a)     must be included in the return made in respect of the

Powered by Lexis+®