Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 12 para 5

Key definitions for LLP property transfers

Schedule 12, paragraph 5 provides important definitions used throughout the schedule dealing with property transfers involving limited liability partnerships.

• A "limited liability partnership" means one formed under the Limited Liability Partnerships Act 2000.
• The "relevant time" depends on when the transferor acquired the chargeable interest relative to the LLP's incorporation.
• If the transferor acquired the interest after the LLP was incorporated, the relevant time is immediately after the transferor's acquisition.
• "Arrangements" is broadly defined and includes any scheme, agreement, or understanding, even if not legally enforceable.