Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 7 paragraph 2

Arrangement of Schedule 7

Schedule 7, paragraph 2 provides a roadmap to the structure of the Schedule, which deals with how land transaction tax applies to partnerships across nine distinct parts.

• The Schedule covers general partnership treatment rules, ordinary partnership transactions, and transfers of land into or out of a partnership involving partners or connected persons.
• Specific provisions address transactions between partnerships, transactions involving partnerships made up entirely of corporate bodies, and transfers where the consideration includes rent.
• Dedicated rules apply to property investment partnerships, covering both transfers of partnership interests and transactions involving partnership property.
• The Schedule also addresses how exemptions and reliefs apply to partnership transactions, notification requirements, and defines key terms used throughout.