Commentary on Sections Schedule 15 - Treatment of certain transactions relating to social housing Shared ownership trust: treatment of additional payments where not election made
359.Paragraph 15 clarifies how the chargeable consideration for LTT is determined when the buyer has not made an election under paragraph 12. This paragraph provides that in these circumstances the initial capital is to be treated as chargeable consideration other than rent; and any rent-equivalent payment made by the buyer is to be treated as rent.