Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 36

Definitions of "relevant rent", "specified amount" and "annual rent" for lease transactions

Schedule 6, paragraph 36 defines the key terms "relevant rent", "specified amount" and "annual rent" used in the rules for calculating tax on non-rent consideration for non-residential and mixed leases (paragraphs 34 and 35).

• The "relevant rent" is the annual rent for a single transaction, or the total of all annual rents where there are linked transactions involving rent.
• The "specified amount" is a threshold figure for relevant rent, set by the Welsh Ministers through regulations.
• The "annual rent" is generally the average annual rent over the full term of the lease.
• Where different rent amounts apply to different parts of the lease term and some are known at the effective date, the annual rent is instead the average over the period for which the highest ascertainable rent is payable.