Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 21

Index of defined expressions used in Schedule 2 (pre-completion transactions)

Schedule 2, paragraph 21 provides a reference index of all the key terms and expressions used throughout the pre-completion transactions Schedule, directing the reader to where each term is defined.

• The paragraph lists thirteen defined expressions used in the Schedule dealing with pre-completion transactions (such as subsales and assignments of rights before completion of a land transaction).
• Key terms include "original buyer", "original contract", "pre-completion transaction", "assignment of rights", "free-standing transfer", and "qualifying subsale".
• Other defined terms cover the parties involved ("the transferor" and "the transferee") and the property or rights being dealt with ("subject-matter" and "part of the subject-matter of the original contract").
• The index also includes definitions for technical concepts such as "notional land transaction", "additional notional land transaction", and general terms like "contract" and "transfer".