Part 4 Shared Ownership Trusts
Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (2017 anaw 1) | Legislation

Part 4 Shared Ownership Trusts

Shared ownership trusts: meaning of shared ownership trust and other key terms

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(1)     This paragraph applies to paragraphs 11 to 17.

(2)     A “shared ownership trust” means a trust of land within the meaning of section 1 of the Trusts of Land and Appointment of Trustees Act 1996 (c 47) which satisfies the following conditions.

(3)     Condition 1 is that the trust property is—

(a)     a dwelling, and

(b)     in Wales.

(4)     Condition 2 is that one of the beneficiaries (“the social landlord”) is a qualifying body.

(5)     Condition 3 is that the terms of the trust—

(a)     provide for one or more of the individual beneficiaries (“the buyer”) to have exclusive use of the trust property as the only or main residence of the buyer,

(b)     require the buyer to make an initial payment to the social landlord (“the initial capital”),

(c)     require the buyer to make additional payments to the social landlord by way of compensation under section 13(6)(a) of the Trusts of Land and Appointment of Trustees Act 1996 (“the rent-equivalent payments”),

(d)     enable the buyer to make other additional payments to the social landlord (“equity-acquisition payments”),

(e)     determine

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