Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 Schedule 8 paragraph 1

Introduction and overview of Schedule 8

Schedule 8 paragraph 1 introduces the schedule dealing with how Land Transaction Tax applies to transactions involving trusts, and provides a guide to the schedule's structure.

• Schedule 8 governs how the Land Transaction Tax Act and the Tax Collection and Management (Wales) Act apply to trust-related land transactions
• The schedule covers key definitions, bare trusts, settlements (including trustee responsibilities), and the treatment of beneficiaries' interests
• Bare trusts are dealt with separately from other types of trust (referred to as "settlements")
• The schedule addresses both the tax liability aspects and the administrative obligations of trustees