Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 15 paragraph 10

Shared ownership trusts: definitions and conditions

Schedule 15 paragraph 10 defines what a "shared ownership trust" is for the purposes of the social housing relief provisions in paragraphs 11 to 17, setting out the conditions that must be met and the key terms used throughout those paragraphs.

• A shared ownership trust is a trust of land whose property is a dwelling (or land for building one) situated in Wales, where one beneficiary is a qualifying social landlord body.
• The trust terms must require the buyer to make an initial capital payment, ongoing rent-equivalent payments, and allow optional equity-acquisition payments to the social landlord.
• As the buyer makes equity-acquisition payments, the buyer's beneficial interest in the property increases and the social landlord's interest diminishes or is extinguished.
• A qualifying body for these purposes is a local housing authority or a housing association as defined in the relevant Housing Acts.