Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 22 paragraph 11

Relief for friendly society amalgamations and transfers of engagements

Schedule 22, paragraph 11 provides relief from land transaction tax where a land transaction arises from the amalgamation of, or transfer of engagements between, friendly societies and registered societies.

• Land transactions resulting from the amalgamation of two or more registered societies or friendly societies are relieved from land transaction tax.
• Land transactions resulting from a transfer of engagements between registered societies or friendly societies are also relieved.
• The relief extends to transfers of engagements directed by the appropriate authority (such as the Financial Conduct Authority or the Prudential Regulation Authority) under the Friendly Societies Act 1992.
• The relevant legislative frameworks are the Friendly Societies Act 1974 (for registered societies) and the Friendly Societies Act 1992 (for friendly societies).