Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 Schedule 12 paragraph 1

Transfer of a chargeable interest to a limited liability partnership on incorporation

Schedule 12 paragraph 1 provides relief from land transaction tax when a chargeable interest (such as land or property) is transferred to a limited liability partnership (LLP) as part of its incorporation, provided three conditions (A to C) are satisfied.

• A transfer of a chargeable interest to an LLP in connection with its incorporation may qualify for tax relief.
• The person making the transfer is referred to as "the transferor."
• Relief is not automatic — three specific conditions (A, B and C, set out in subsequent paragraphs) must all be met.
• If all three conditions are satisfied, the transaction is fully relieved from land transaction tax.