Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 Schedule 14 paragraph 1

Overview and structure of Schedule 14

Schedule 14 paragraph 1 introduces and maps out the structure of Schedule 14, which provides land transaction tax reliefs for certain types of dwelling acquisitions in Wales.

• Schedule 14 grants LTT reliefs for specific dwelling acquisitions, divided into two main parts: Part 2 (reliefs for housebuilders, property traders and employers) and Part 3 (reliefs for collective rights transactions).
• Part 2 covers six distinct relief scenarios: housebuilders buying old dwellings from individuals purchasing new ones; property traders buying dwellings from individuals acquiring new homes; property traders stepping in when a chain of transactions breaks down; property traders purchasing from personal representatives of a deceased person; and property traders or employers acquiring dwellings in connection with employment relocation.
• Part 2 also includes provisions for withdrawal of reliefs available to property traders and definitions of key terms used throughout that part.
• Part 3 provides a separate relief for transactions carried out by a person or persons exercising collective rights, such as tenants collectively purchasing their building.