Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 3 paragraph 5

Exemption for property acquired under a will or intestacy

Schedule 3 paragraph 5 provides an exemption from land transaction tax for property acquired by a beneficiary under a will or on intestacy, subject to conditions relating to the payment of consideration.

• Property acquired by a beneficiary under a will or through intestacy is exempt from land transaction tax.
• The exemption is lost if the beneficiary provides any consideration for the property, other than taking on debt that was secured against the property immediately after the deceased's death.
• Where the exemption is lost because consideration is given, the chargeable consideration is calculated under special rules rather than the full market value.
• Secured debt means any obligation to pay money, whether fixed or contingent, that was secured on the property immediately after the deceased person's death.