Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 7 paragraph 44

Notification requirements for transfers of partnership interests

Schedule 7 paragraph 44 sets out when a transfer of a partnership interest that gives rise to a land transaction tax charge must be notified to the Welsh Revenue Authority.

• Transfers of partnership interests that are chargeable transactions do not always need to be notified to the Welsh Revenue Authority.
• Notification is only required where the chargeable consideration exceeds the zero rate threshold.
• The threshold is exceeded if any part of the consideration would be taxed at a rate above 0%.
• The threshold is also exceeded if consideration would have been taxed above 0% but for the application of a relief.