# Finance Act 2003, Paragraph 10


(1) An equity-acquisition ... payment under a shared ownership trust, and the consequent increase in the purchaser's beneficial interest, shall be exempt from charge if—
(a) an election was made under paragraph 9, and
(b) any tax chargeable in respect of the declaration of trust has been paid.
(2) An equity-acquisition ... payment under a shared ownership trust, and the consequent increase in the purchaser's beneficial interest, shall also be exempt from charge if following the increase the purchaser's beneficial interest does not exceed 80% of the total beneficial interest in the trust property.

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/9/paragraph/10 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-9/paragraph-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.