Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 7 paragraph 12

Overview of Part 2 of Schedule 7: transfers into partnerships

Schedule 7, paragraph 12 introduces the provisions in Part 2 of the Schedule, which deal with two aspects of land transactions involving transfers of chargeable interests into a partnership.

• Part 2 of Schedule 7 covers situations where a chargeable interest in land is transferred to a partnership.
• Paragraphs 13 to 17 set out how such transfers into a partnership are treated for Land Transaction Tax purposes.
• Paragraphs 18 and 19 address events that occur after such a transfer, which are themselves treated as if they were land transactions and therefore potentially subject to tax.
• This paragraph serves as a signpost to the detailed rules that follow, grouping them into rules about the initial transfer and rules about subsequent events.