Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 3 paragraph 6

Variation of dispositions following death

Schedule 3 paragraph 6 provides an exemption from land transaction tax for transactions that vary the way a deceased person's property is distributed, provided certain conditions relating to timing and consideration are met.

• A transaction that varies how a deceased person's property is distributed (whether under a will, intestacy rules, or otherwise) can be exempt from land transaction tax.
• The variation must be carried out within two years of the person's death and must not involve any payment or other consideration beyond the making of a variation of another disposition from the same estate.
• If consideration other than a reciprocal variation is given, the exemption does not apply, but the chargeable consideration is calculated under the special rules in Schedule 4, paragraph 9(3), rather than on the full market value.
• The exemption is available regardless of whether the administration of the estate has been completed or whether the property has already been distributed under the original terms of the will or intestacy.