Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 5 paragraph 1

Introduction to higher rates residential property transactions

Schedule 5, paragraph 1 introduces the schedule dealing with higher rates of land transaction tax on residential property and explains how the schedule is organised.

• Schedule 5 sets out the rules for when higher rates of land transaction tax apply to residential property transactions in Wales.
• Where the buyer is an individual purchasing a single dwelling, Part 2 of the schedule determines whether the higher rates apply.
• Where the buyer is an individual purchasing multiple dwellings in a single transaction, Part 3 applies; where the buyer is not an individual (for example, a company or trust), Part 4 applies.
• Parts 5 and 6 provide supplementary rules (including provisions about tax returns and how the schedule applies in specific circumstances) and definitions used throughout the schedule.