Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 15 paragraph 2

Transactions subject to a public sector discount

Schedule 15, paragraph 2 provides special rules for how contingent consideration is treated when a dwelling is sold or leased at a discount by a public sector body.

• When a dwelling is sold or leased at a discount by a relevant public sector body, the normal rule that contingent consideration must be included in chargeable consideration does not apply.
• Any consideration that would only become payable if a future event occurs, or that was payable only because a particular event did occur, is excluded from chargeable consideration entirely.
• Relevant public sector bodies include a Minister of the Crown, the Welsh Ministers, local housing authorities, registered social landlords, local policing bodies, and any other person specified by the Welsh Ministers through regulations.
• A registered social landlord is a body registered as a social landlord in a register maintained under section 1(1) of the Housing Act 1996.