Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 7 paragraph 38

Overview of Part 9 of Schedule 7

Schedule 7 paragraph 38 provides an overview of Part 9 of Schedule 7, which deals with how exemptions, reliefs, tax administration provisions and notification requirements apply to partnership transactions.

• Exemptions and reliefs available under the Act generally also apply to partnership transactions, but with certain modifications and restrictions.
• Group relief may apply to specific transactions involving transfers of land into or out of partnerships, subject to special rules for connected companies.
• Charities relief may apply to certain transfers of partnership interests, and specific conditions govern its availability.
• Tax administration rules under the Tax Collection and Management (Wales) Act 2016 apply to partnerships with modifications, and certain transfers of partnership interests must be notified to the Welsh Revenue Authority.