Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 22 paragraph 10

Building society amalgamations and transfers of engagements

Schedule 22, paragraph 10 provides relief from land transaction tax where a land transaction arises from the amalgamation of building societies or a transfer of engagements between building societies.

• Land transactions arising from a building society amalgamation under the Building Societies Act 1986 are relieved from land transaction tax.
• Land transactions arising from a transfer of engagements between building societies under the same Act are also relieved.
• The relief applies to transactions effected by, or as a consequence of, these corporate restructuring events.
• The term "building society" takes its meaning from the Building Societies Act 1986.