Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 11 paragraph 12

Condition 7: transfer back to original owner within required timeframes

Schedule 11 paragraph 12 sets out Condition 7, which requires that when land ceases to be held as a bond asset, it must be transferred back to the original owner within specific time limits.

• When land stops being held as a bond asset, it must be transferred from party B back to party A within 30 days of the date on which it ceases to be a bond asset.
• This return transfer is referred to as "the second transaction."
• The second transaction must take effect no more than 10 years after the first transaction (i.e. the original transfer of the land into the bond arrangement).
• The 10-year time limit may be changed by regulations — Welsh Ministers have the power to prescribe a different period.