Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 12 paragraph 2

Condition A: timing requirement for LLP incorporation

Schedule 12 paragraph 2 sets out the first condition (Condition A) that must be met for special land transaction tax treatment to apply to transactions involving a limited liability partnership (LLP).

• Condition A imposes a strict time limit linked to when the LLP was incorporated.
• The effective date of the land transaction must fall within one year of the LLP's date of incorporation.
• If more than one year has elapsed since incorporation, this condition is not met and the special treatment will not apply.
• This condition works alongside other conditions in Schedule 12 — all relevant conditions must be satisfied together.