Stamp Duties Consolidation Act 1999 section 103

Shared ownership leases

Section 103 exempts from stamp duty certain instruments executed in connection with a shared ownership lease where the lease is granted by a qualifying body such as a bank, building society or approved housing body.

• A shared ownership lease itself, and any instrument by which the lessee buys out the remaining equity, are exempt from stamp duty.
• The exemption applies only where the lease has been granted by an "appropriate person", which includes licensed banks, building societies, approved housing bodies, the National Building Agency Ltd, certified non-profit housing companies and co-operatives, and insurance undertakings.
• The exemption does not apply if, at the time the lease was granted, the house exceeded the maximum floor area specified in regulations under section 4(2)(b) of the Housing (Miscellaneous Provisions) Act 1979.
• To claim the relief, an adjudication warrant should be submitted to Revenue together with the original and a copy of the executed instrument and evidence of the lessor's status.