Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 15 paragraph 8

Rent to shared ownership lease schemes

Schedule 15 paragraph 8 sets out how chargeable consideration is determined for transactions that form part of a rent to shared ownership lease scheme, ensuring that the different stages of such a scheme are not treated as linked transactions.

• A rent to shared ownership lease scheme is where a qualifying body first grants a tenant an occupation contract for a dwelling and later grants that tenant a shared ownership lease of the same or another dwelling.
• The grant of the occupation contract, the grant of the shared ownership lease, and any other land transaction between the qualifying body and the tenant under the scheme are all treated as if they were not linked to each other.
• When determining the effective date of the shared ownership lease, any prior possession of the dwelling by the tenant under the occupation contract is disregarded.
• An occupation contract has the meaning given by Part 2 of the Renting Homes (Wales) Act 2016.