Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 7 paragraph 43

Modifications to the Tax Collection and Management (Wales) Act 2016 for partnership land transactions

Schedule 7 paragraph 43 sets out how the Tax Collection and Management (Wales) Act 2016 (TCMA) is modified when it applies to land transaction tax on transactions entered into by or on behalf of the members of a partnership.

• TCMA applies with specific modifications where a land transaction is entered into by or on behalf of partnership members as buyers.
• Certain conditions and time limit provisions for WRA assessments are adjusted by removing references that are not appropriate in the partnership context.
• Claims for repayment or relief in respect of partnership land transactions may only be made by the representative partner, and assessments in connection with such claims are directed at responsible partners.
• WRA powers to require information, documents, and taxpayer notices are redirected so that they apply to responsible partners and representative partners rather than to partners generally.