Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 7 paragraph 33

Property-investment partnerships

Schedule 7 paragraph 33 defines what a "property-investment partnership" means for the purposes of the partnership rules in Schedule 7.

• A property-investment partnership is one whose sole or main activity is investing or dealing in chargeable interests (i.e. interests in land).
• The definition applies even if the partnership carries out construction operations on the land as part of that activity.
• "Construction operations" takes its meaning from the Construction Industry Scheme provisions in the Finance Act 2004.
• The definition of chargeable interests is extended to include interests in land outside Wales, so a partnership dealing mainly in English or Scottish property can still be caught.