Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 4 paragraph 10

Currency and sterling equivalents

Schedule 4 paragraph 10 establishes that all consideration for land transactions must be expressed in sterling and sets out how to convert amounts from foreign currencies.

• All references to the amount or value of consideration for a land transaction under LTT are to be stated in sterling.
• Where consideration is expressed in a foreign currency, it must be converted to sterling for LTT purposes.
• The default conversion rate is the London closing exchange rate on the effective date of the transaction.
• If the parties to the transaction have used a different exchange rate for the purposes of the transaction itself, that rate is used instead of the London closing rate.