Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 14 paragraph 9

Definitions and interpretation for dwelling acquisition relief

Schedule 14, paragraph 9 provides the key definitions used throughout Part 2 of the Schedule, which deals with relief from higher rates of land transaction tax for certain acquisitions of dwellings by property traders, housebuilders, and employers.

• A "property trader" or "housebuilder" must be a company, a limited liability partnership, or a partnership composed entirely of companies or limited liability partnerships — individuals and ordinary partnerships do not qualify.
• The "permitted amount" for refurbishment of a dwelling acquired under these reliefs is the greater of £10,000 or 5% of the purchase price, subject to a cap of £20,000.
• A change of residence counts as "resulting from" a relocation of employment only if the move is mainly to bring the individual within reasonable daily commuting distance, and the former home was not already within that distance.
• Actions carried out by a company connected with a property trader are treated as actions of that property trader itself, and references to the trader's principals or employees include those of any connected company.