Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 14 paragraph 5

Relief for property traders acquiring dwellings from personal representatives

Schedule 14, paragraph 5 provides a land transaction tax relief for property traders who purchase a dwelling from the personal representatives of a deceased person, subject to certain conditions being met.

• A property trader can claim full relief from land transaction tax when buying a dwelling from the estate of a deceased person, provided specific conditions are satisfied.
• The deceased must have lived in the dwelling as their only or main home at some point during the two years before their death, and the purchase must be made as part of the trader's regular business of acquiring such properties.
• The property trader must not intend to spend more than the permitted amount on refurbishing the dwelling, must not grant a lease or licence over it, and must not allow any of its principals, employees, or connected persons to live in it.
• If the land acquired exceeds the permitted area, full relief is not available, but partial relief applies — the taxable consideration is reduced by the market value of the permitted area.