Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 2 paragraph 18

Relief from tax on notional transactions arising from assignment of rights

Schedule 2 paragraph 18 provides a relief from land transaction tax for buyers involved in notional land transactions that arise from an assignment of rights, provided the original contract had not been substantially performed at the time of the assignment.

• Relief is available where a person would otherwise be liable to tax on a notional or additional notional land transaction deemed to arise from an assignment of rights under Schedule 2 paragraph 8.
• The relief only applies where the original contract had not been substantially performed at the time the assignment of rights took place.
• The buyer must actively claim the relief in order to be relieved from tax on the notional transaction.
• The relief is not available if the underlying land transaction already benefits from alternative property finance relief under Schedule 10 of the Act.