Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Sch 15 para 13

Transfer of interest on termination of shared ownership trust

Schedule 15 paragraph 13 provides relief from land transaction tax when a buyer receives their interest in property upon termination of a shared ownership trust, provided certain conditions are met.

• When a shared ownership trust comes to an end, the transfer of the property interest to the buyer can be relieved from land transaction tax.
• Relief is only available if the parties have previously made a market value election under paragraph 12 of Schedule 15.
• All land transaction tax that was due on the original declaration of the shared ownership trust must have been paid in full.
• Both conditions — the election and the payment of tax — must be satisfied for the relief to apply.