Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 16 para 7

Definition of "relieved transaction"

Schedule 16 paragraph 7 defines the term "relieved transaction" as used in the part of the schedule dealing with the withdrawal of group relief.

• A "relieved transaction" is one that benefited from group relief under paragraph 2 of Schedule 16.
• Group relief exempts qualifying land transactions between companies in the same group from land transaction tax.
• This definition is used throughout the relevant part of Schedule 16 when referring to transactions where group relief was originally claimed.
• Understanding this term is essential for the provisions that follow, which set out the circumstances in which group relief may be clawed back.