Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 16

Exception where the transaction involves the buyer's main residence

Schedule 5, paragraph 16 provides an exception to the higher rate charge that would otherwise apply under paragraph 15 when a buyer already owns a major interest in a dwelling, where the transaction relates to that same dwelling and it is the buyer's only or main residence.

• This exception disapplies paragraph 15 (which triggers higher rates where a buyer already holds a major interest in another dwelling) in specific circumstances.
• It applies where the main subject-matter of the transaction is a major interest in the single qualifying dwelling referred to in paragraph 15(1)(a).
• The buyer (or their spouse or civil partner) must have already held another major interest in that same dwelling immediately before the effective date of the transaction.
• The dwelling must be the buyer's only or main residence both immediately before and after the effective date of the transaction.