Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 6 paragraph 13

Return or further return obligations on the reconsideration date

Schedule 6 paragraph 13 sets out the obligation on a tenant to file a return or further return when, on reviewing the actual rent for the first five years of a lease, additional tax becomes due or the transaction becomes notifiable for the first time.

• On each reconsideration date, the tenant must check whether the actual rent paid or payable for the first five years of the lease changes the tax position.
• If additional tax is now due, or the transaction has become notifiable for the first time, the tenant must submit a return (or further return with self-assessment) within 30 days of that reconsideration date.
• Where a return is made at the end of the fifth year of the lease term but the rent figure is still uncertain at that point, and that uncertainty is resolved within 12 months of the filing date, the tenant must amend the return accordingly.
• The amendment must be made in accordance with section 41 of the Tax Collection and Management (Wales) Act 2016, which governs amendments to tax returns by taxpayers.