Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 5 paragraph 2

Purpose of Part — higher rates for individual buyers

Schedule 5, paragraph 2 explains that this Part of the Schedule defines when a land transaction involving a dwelling purchased by an individual qualifies as a "higher rates residential property transaction", which attracts the higher rates of Land Transaction Tax set by regulations.

• This Part provides the rules for determining when higher rates of LTT apply to residential property transactions.
• The higher rates apply specifically where the buyer is an individual (as opposed to a company or other entity).
• The transaction must involve a dwelling — that is, residential property — to fall within these rules.
• Once a transaction is classified as a "higher rates residential property transaction", the higher tax bands and rates set out in regulations under section 24 of the Act apply.