Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 Schedule 5 paragraph 19

Higher rates for non-individual buyers

Schedule 5 paragraph 19 introduces the part of the schedule that explains when a land transaction involving a non-individual buyer (such as a company, trust or partnership) qualifies as a higher rates residential property transaction.

• This provision applies specifically to buyers who are not individuals — typically companies, trusts and other entities.
• It defines when such a transaction is classified as a "higher rates residential property transaction."
• The higher rates classification triggers the application of increased Land Transaction Tax rates set out in regulations under section 24.
• The rules for non-individual buyers are separate from those applying to individual buyers, reflecting the different policy considerations for corporate and institutional purchasers of residential property.