Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 7 paragraph 32

Introduction to Part 5 of Schedule 7: property-investment partnerships

Paragraph 32 of Schedule 7 introduces Part 5, which deals with special rules for property-investment partnerships, covering both transfers of partnership interests and an election to opt out of certain transfer provisions.

• Part 5 of Schedule 7 applies specifically to property-investment partnerships, which are partnerships that hold land or property as investments.
• It sets out rules for transactions that involve transferring an interest in a property-investment partnership from one person to another.
• It also allows a property-investment partnership to make an election to disapply the general rules in paragraph 13 (which deal with transfers of chargeable interests to a partnership) for certain land transactions.
• This election gives qualifying partnerships a choice over how certain transfers into the partnership are taxed for land transaction tax purposes.