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

Definition of a free-standing transfer

Section 12 of Schedule 2 defines the term "free-standing transfer" as it is used within the Schedule dealing with pre-completion transactions.

• A pre-completion transaction is one that takes place after a land contract is entered into but before it is completed.
• Where such a transaction is not an assignment of rights, it is classified as a "free-standing transfer."
• This distinction matters because assignments of rights and free-standing transfers are subject to different LTT treatment under Schedule 2.
• The term "free-standing transfer" is used consistently throughout Schedule 2 to refer to this specific category of pre-completion transaction.