Section 151R Diminishing shared ownership arrangementsF1

(1)

In the case of diminishing shared ownership arrangements, payments by F2the customer under the arrangements are alternative finance return for the purposes of this Chapter, except so far as subsection (2) or (3) applies to them.

(2)

This subsection applies to the payments so far as they amount to payments of the kind described in section 151K(1)(c) F3or 151KA(1)(d) or (2)(c) (payments to be made by the customer to F4the financier, amounting to the consideration paid for the acquisition of F5the financier’s beneficial interest).

(3)

This subsection applies to the payments so far as they amount to payments in respect of any arrangement fee or legal or other expenses which the customer is required under the arrangements to pay.

(4)

In this section “the customer” has the same meaning as in section 151K F6or 151KA.

Annotations

Textual amendments

F1: S. 151R inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 38 (with Sch. 9 paras. 1-9, 22)
F2: Words in s. 151R substituted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(5)(a), 4
F3: Words in s. 151R(2) inserted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(5)(b)(i), 4
F4: Words in s. 151R(2) substituted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(5)(b)(ii), 4
F5: Words in s. 151R(2) substituted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(5)(b)(iii), 4
F6: Words in s. 151R(4) inserted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(5)(c), 4

Notes on Part IV

Modifications

C1: Pt. IV: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)

Notes on Chapter 4

Textual amendments

F1: Pt. 4 Ch. 4 inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 28 (with Sch. 9 paras. 1-9, 22)

Modifications

C1: Pt. 4 Ch. 4 applied (with modifications) (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 9 para. 40 (with Sch. 9 paras. 1-9, 22)

Notes on Meaning of “alternative finance return”

Textual amendments

F1: S. 151P and cross-heading inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 36 (with Sch. 9 paras. 1-9, 22)