Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 4 paragraph 12

Provision of services as chargeable consideration

Schedule 4 paragraph 12 explains how to value services (other than construction works) when they form all or part of the consideration for a land transaction.

• Where services (excluding construction works) are provided as consideration for a land transaction, their value must be determined at open market rates as at the effective date of the transaction.
• The open market value is the amount you would have to pay on the open market to obtain those same services at the relevant date.
• Any VAT that would be chargeable on the provision of those services must be included in the valuation.
• Special rules may override this paragraph where the transaction involves arrangements with public or educational bodies.