Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 7 paragraph 1

Application of the Act to partnerships

Schedule 7 paragraph 1 introduces the schedule that sets out how Land Transaction Tax and the Tax Collection and Management (Wales) Act 2016 apply to partnerships.

• Schedule 7 contains special rules for how Land Transaction Tax (LTT) applies to partnership transactions
• It also covers how the Tax Collection and Management (Wales) Act 2016 (TCMA) applies in a partnership context
• These rules are necessary because partnerships have a unique legal status, being neither a single individual nor a company
• The schedule modifies the standard LTT rules to deal with the particular circumstances that arise when land is bought, sold or transferred by or involving partnerships