Owner Occupation

Treasury written question – answered on 23rd June 2022.

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Photo of Gary Sambrook Gary Sambrook Conservative, Birmingham, Northfield

To ask the Chancellor of the Exchequer, if his Department will make an assessment of the potential merits of amending section 71A of the Finance Act (2003) to include gradual homeownership.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

Section 71A of the Finance Act 2003 provides tax relief for financial institutions who purchase property which is subject to alternative financing arrangements. The rules prevent a double tax charge applying so that the tax outcome for purchasers is the same as if they had used conventional mortgage financing. The product referred to as ‘gradual homeownership’ uses arrangements which are not substantially similar to conventional mortgage financing and therefore the same requirements for relief are not present.

The Government keeps all tax policy under review.

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