Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 17 paragraph 4

Definition of "relieved transaction"

Schedule 17 paragraph 4 defines the term "relieved transaction" as used in Parts 2 and 5 of Schedule 17, covering transactions that benefit from reconstruction relief or acquisition relief.

• The term "relieved transaction" is a defined term used throughout Parts 2 and 5 of Schedule 17.
• A transaction qualifies as a relieved transaction if it has been relieved from land transaction tax under reconstruction relief.
• A transaction also qualifies if tax is chargeable at the reduced rate available under acquisition relief (as set out in paragraph 3).
• This definition is important because later provisions in the schedule deal with circumstances in which relief on a relieved transaction may be withdrawn.