Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 22 paragraph 6

Relief for property accepted in lieu of inheritance tax

Schedule 22 paragraph 6 provides relief from land transaction tax where property is transferred following its acceptance by HMRC in satisfaction of inheritance tax.

• When HMRC accept property in lieu of inheritance tax under the National Heritage Act 1980, any subsequent transfer of that property to an approved body is relieved from land transaction tax.
• The relief applies to transfers made under section 9 of the National Heritage Act 1980, which governs the disposal of property accepted in satisfaction of inheritance tax.
• The approved recipients include bodies specified in that Act, such as museums, galleries, libraries, and other public institutions.
• The relief also applies where the property is sold privately under the related provisions of that same section.