Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 4 paragraph 9

Estates of deceased persons: exclusions from chargeable consideration

Schedule 4, paragraph 9 provides relief in calculating chargeable consideration for certain land transactions arising from deceased persons' estates, specifically those involving personal representatives' assents or appropriations, and variations of wills or intestacy provisions.

• When a personal representative assents to or appropriates property from a deceased's estate but the transaction is not fully exempt because the person acquiring the property gives consideration, any secured debt assumed by that person is excluded from the chargeable consideration.
• "Secured debt" means a debt secured on the property being transferred, such as a mortgage outstanding on the property at the date of death.
• When a variation of a will or intestacy provision would have been exempt but fails the condition that the only consideration is the variation of another disposition, the act of varying a disposition is itself excluded from the chargeable consideration.
• These exclusions reduce the amount on which land transaction tax is calculated, potentially to nil, ensuring that routine estate administration transactions are not subject to disproportionate tax charges.