Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 7 paragraph 20

Treatment of transfers of chargeable interests from a partnership

Schedule 7, paragraph 20 introduces the part of the Schedule that deals with how certain land transactions are treated when a chargeable interest is transferred out of a partnership.

• This paragraph is an introductory provision for the part of Schedule 7 that covers transfers of chargeable interests from partnerships.
• A chargeable interest is broadly any interest in or right over land in Wales that can give rise to a land transaction tax charge.
• The rules in this part apply specifically where the transfer is from a partnership to another party, rather than into or within a partnership.
• These provisions ensure that transfers out of partnerships are subject to appropriate land transaction tax treatment, reflecting the special nature of partnership property ownership.