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

The control period

Section 11 of Schedule 21A defines the "control period" during which conditions for special development relief must continue to be met, and explains when that period ends.

• The control period is either three years from the effective date of the relieved transaction, or the period ending when the buyer (and connected persons) no longer hold a chargeable interest in the qualifying land — whichever is shorter.
• A "final transaction" is one after which neither the buyer nor any connected person retains a chargeable interest in the qualifying land.
• A chargeable interest with a market value below £40,000 is disregarded when determining whether the buyer or a connected person still holds an interest in the qualifying land.
• However, the £40,000 disregard does not apply if the buyer and connected persons hold more than one chargeable interest in the qualifying land between them and the combined market value of those interests is £40,000 or more.