Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 11 paragraph 19

Notification of discharge of charge to the Chief Land Registrar

Schedule 11, paragraph 19 requires the Welsh Revenue Authority (WRA) to notify the Chief Land Registrar when a charge over land is discharged following the fulfilment of conditions for alternative finance investment bond relief.

• When a charge on land is discharged because the conditions for relief have been met (under paragraph 16) or following a replacement of the bond asset (under paragraph 18), the WRA must inform the Chief Land Registrar.
• The notification must be made in accordance with the land registration rules as defined in the Land Registration Act 2002.
• The WRA has a strict deadline of 30 days from the date on which the bond holder (referred to as "B") provides the required evidence to make this notification.
• This ensures the Land Registry records are updated promptly to reflect that the property is no longer subject to the charge, giving clarity to all parties with an interest in the land.