Paragraph 15B F1

(1)

This paragraph applies where—

(a)

a shared ownership trust is declared, and

(b)

no election is made for tax to be charged in accordance with paragraph 9.

(2)

For the purpose of determining whether the second condition in paragraph 1 of Schedule 6ZA is met in respect of the declaration, the chargeable consideration for the declaration is to be treated as being the sum specified in the trust in accordance with paragraph 7(4)(f).

(3)

If relief is claimed in respect of the declaration under paragraph 1 of Schedule 6ZA no tax is chargeable in respect of any rent-equivalent payment treated by reason of paragraph 11(b) as rent.

Annotations

Textual amendments

F1: Sch. 9 paras. 15A, 15B and cross-headings inserted (with effect in accordance with s. 42(7) of the amending Act) by Finance Act 2019 (c. 1), s. 42(4)

Notes on Schedule 9

Modifications

C1: Sch. 9 modified (temp.) (22.7.2020) by Stamp Duty Land Tax (Temporary Relief) Act 2020 (c. 15), s. 1 (as amended (10.6.2021) by 2021 c. 26, s. 87(2))