Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 5 paragraph 10

Higher rates residential property transactions involving multiple dwellings purchased by individuals

Schedule 5 paragraph 10 introduces the rules in this Part of the Schedule that determine when a land transaction qualifies as a "higher rates residential property transaction", specifically where an individual buyer is purchasing more than one dwelling in a single transaction.

• This Part of Schedule 5 defines when higher rates of Land Transaction Tax apply to residential property transactions.
• The higher rates are those set by regulations made under section 24(1)(b) of the Act, which empowers the Welsh Ministers to specify tax bands and rates.
• The rules in this Part apply specifically to transactions involving multiple dwellings — that is, where more than one dwelling is acquired in a single transaction.
• These particular rules apply only where the buyer is an individual, as opposed to a company or other non-individual purchaser.