Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 7 paragraph 39

Exemptions and reliefs in the context of partnership transactions

Schedule 7 paragraph 39 addresses how the general exemption for transactions with no chargeable consideration interacts with certain partnership transactions, and how other exemptions and reliefs apply alongside this Schedule.

• The usual exemption for land transactions where no money or other consideration changes hands does not apply to specific partnership transactions covered by this Schedule.
• The affected transactions include transfers of chargeable interests to a partnership, certain anti-avoidance transfers of partnership interests, transfers of chargeable interests from a partnership, and transfers of interests in property investment partnerships.
• Despite disapplying the no-consideration exemption, this Schedule generally operates alongside other available exemptions and reliefs from land transaction tax.
• The application of group relief and charities relief to partnership transactions is subject to specific modifications set out elsewhere in this Schedule.