Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 22 paragraph 12

Registered societies: relief for reorganisations and conversions

Schedule 22, paragraph 12 provides relief from land transaction tax where land transfers arise from the reorganisation, amalgamation, or conversion of co-operative and community benefit societies.

• Land transactions resulting from a transfer of engagements between two registered societies are relieved from LTT.
• Relief also applies where a registered society converts into a company, amalgamates with a company, or transfers all its engagements to a company under the Co-operative and Community Benefit Societies Act 2014.
• A registered society means one registered under the Co-operative and Community Benefit Societies Act 2014, but credit unions are excluded from the reliefs relating to conversion into or amalgamation with a company.
• Where a credit union transfers its engagements to another registered society, the relief applies subject to additional requirements under the Credit Unions Act 1979.