Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 6 paragraph 1

Introduction and overview of Schedule 6

Schedule 6, paragraph 1 introduces the schedule that governs how Land Transaction Tax applies to leases, and provides a roadmap of its four main parts.

• Schedule 6 contains the rules for applying Land Transaction Tax to lease transactions in Wales.
• The schedule covers how to determine a lease's duration and deals with situations where lease terms overlap.
• It sets out how different types of consideration are treated, including rent, non-rent consideration, and amounts that are not to be treated as chargeable consideration.
• It provides that no tax is charged on the rent element of residential leases, explains how tax is calculated on the rent element of non-residential leases, and addresses the tax treatment of consideration other than rent.