Section 151R — Taxation of Chargeable Gains Act 1992: Diminishing shared ownership arrangements

Diminishing shared ownership arrangements 151R 1 In the case of diminishing shared ownership arrangements, payments by the 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) or 151KA(1)(d) or (2)(c) (payments to be made by the customer to the financier , amounting to the consideration paid for the acquisition of the 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 or 151KA .