Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 38A

Duty to keep and preserve records: land transactions in respect of which no tax return is required

Section 38A requires buyers in certain land transactions where no Land Transaction Tax return is needed to keep and preserve records proving that no return was required.

• Buyers must keep records that demonstrate why no LTT return is required, even when no return needs to be filed.
• This applies to all land transactions except those specifically listed under section 65(4) of the Land Transaction Tax Act.
• Records must be preserved until six years after the effective date of the transaction.
• The Welsh Revenue Authority (WRA) may specify an earlier date by which records no longer need to be kept, and may set different dates for different purposes.