Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 7 paragraph 8

Application of Part 3 of Schedule 7

Schedule 7 paragraph 8 defines which partnership land transactions fall within Part 3 of Schedule 7, namely ordinary purchases of land by or on behalf of partnership members.

• Part 3 of Schedule 7 applies to land transactions where the buyers are the members of a partnership, or someone acting on their behalf.
• This covers the straightforward scenario of a partnership acquiring land from a third party.
• Transactions that fall under Parts 4 to 8 of Schedule 7 are excluded from Part 3, as those parts contain their own specific rules.
• Parts 4 to 8 deal with more complex situations such as transfers of interests between partners, transfers into or out of partnerships, and other special partnership arrangements.