Introduction Details of the Section
2.Subsection (3) inserts a new subsection (A1) into section 71 of Part 4 of the Finance Act (FA) 2003, to provide that a land transaction under which the purchaser is a profit-making registered provider of social housing is exempt from charge if the transaction is funded with the assistance of a public subsidy.
3.Subsection (4) amends section 71(4) of Part 4 of FA 2003 to take account of new subsection (A1).
4.Subsection (6) amends paragraph 5 of Schedule 9 to FA 2003 to provide that a registered provider of social housing that is not a housing association is a “qualifying body” in connection with a shared ownership lease if the purchase, construction or adaptation of the premises for use as a dwelling, by that body or a person connected with it, has been funded with the assistance of a grant or other financial assistance under section 19 of the Housing and Regeneration Act 2008.
5.Subsection (7) amends paragraph 7 of Schedule 9 to FA 2003 to provide that a registered provider of social housing that is not a housing association is a “qualifying body” in connection with a shared ownership trust if the purchase, construction or adaptation of the premises for use as a dwelling, by that body or a person connected with it, has been funded with the assistance of a grant or other financial assistance under section 19 of the Housing and Regeneration Act 2008.
6.Subsection (8) provides that the amendments made by the section have effect for transactions where the effective date is on or after the date of Royal Assent.