Chapter SDLTM27075
Published date | 19 March 2016 |
Record Number | SDLTM27075 |
Court | HM Revenue & Customs |
Issuer | HM Revenue & Customs |
Purchasers under a shared ownership trust may make a market value election analogous to that for a shared ownership lease.
Please note that FA03/SCH9/PARA7(5) disapplies the definition of market value in FA03/S118 for this purpose, the effect being that the market value is computed on a vacant possession basis.
The election is made in the land transaction return submitted in respect of the declaration of the shared ownership trust by showing the market value as the consideration, or an amendment to that return changing the consideration to the market value. If the election is made by amendment it must be made within 12 months of the filing date.
The election is irrevocable, that is, once made it cannot be changed, even by an amendment (or further amendment) to the return.
The effect of a valid election under FA03/SCH9/PARA9 is that
- the chargeable consideration for the declaration of...
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