Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 4 paragraph 7

Market value rule for non-monetary consideration

Schedule 4, paragraph 7 establishes how non-monetary consideration given in a land transaction is to be valued for Land Transaction Tax purposes.

• Where chargeable consideration for a land transaction is not in the form of money or debt, it must be valued at its market value.
• The relevant date for determining market value is the effective date of the transaction.
• Money consideration — whether in sterling or any other currency — is taken at its face value and falls outside this rule.
• Debt used as consideration is dealt with separately under paragraph 8 of Schedule 4 and is also excluded from this market value rule.