Section 43 | Repayment to first-time buyers in cases of shared ownership

(1)Until 29 October 2019, a claim for the repayment of tax may be made in respect of a land transaction within subsection (2) or (3).

(2)A transaction is within this subsection if the amount of tax chargeable in respect of the transaction would have been less had the amendment made by section 42(3) been in force from the effective date of the transaction.

(3)A transaction is within this subsection if first-time buyer's relief—

(a)could not have been claimed for the transaction, but

(b)could have been claimed had the amendments made by section 42(4), (5) and (6) been in force from the effective date of the transaction.

(4)Where a claim is made under this section, HMRC must repay—

(a)in a case where the transaction is within subsection (2), so much of the tax paid as exceeds the amount that would have been chargeable had the amendment made by section 42(3) been in force from the effective date of the transaction, and

(b)in a case where the transaction is within subsection (3), so much of the tax paid as exceeds the amount that would have been chargeable had the amendments made by section 42(4), (5) and (6) been in force from the effective date of the transaction and had a claim for first-time buyer's relief been made.

(5)A claim under this section must be made by amendment of the land transaction return.

(6)Sub-paragraphs (2A) and (3) of paragraph 6 of Schedule 10 to FA 2003 do not apply in the case of an amendment of a land transaction return made for the purpose of making a claim under this section.

(7)In this section—

(a)the expressions used have the same meaning as in Part 4 of FA 2003;

(b)“first-time buyer's relief” means relief under Schedule 6ZA to FA 2003.