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

When this Schedule applies

Schedule 2 paragraph 2 sets out the conditions under which the pre-completion transactions rules in Schedule 2 apply to a land transaction in Wales.

• The rules apply where an original buyer enters into a contract to acquire a chargeable interest that will be completed by a transfer, and a pre-completion transaction occurs before that transfer takes place.
• A contract that is itself an assignment of rights under another contract does not count as an "original contract" for these purposes.
• Each contract can have only one original buyer; where there are joint buyers, they are treated as a single original buyer.
• The Schedule does not apply where the transaction involves the assignment of an agreement for lease, which is dealt with separately under Schedule 6 paragraph 21.