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Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017

▸ PART 1 OVERVIEW (s 1)
  • Section 1 – Overview of Act [LTTADTWA 2017 s 1]
▸ PART 2 THE TAX AND KEY CONCEPTS (ss 2-23)
  • ▸ CHAPTER 1 LAND TRANSACTION TAX (s 2)
    • Section 2 – Land transaction tax [LTTADTWA 2017 s 2]
  • ▸ CHAPTER 2 LAND TRANSACTIONS (ss 3-9)
    • Section 3 – Land transaction [LTTADTWA 2017 s 3]
    • Section 4 – Chargeable interest [LTTADTWA 2017 s 4]
    • Section 5 – Exempt interest [LTTADTWA 2017 s 5]
    • Section 6 – Acquisition and disposal of chargeable interest [LTTADTWA 2017 s 6]
    • Section 7 – Buyer and seller [LTTADTWA 2017 s 7]
    • Section 8 – Linked transactions [LTTADTWA 2017 s 8]
    • Section 9 – Land partly in Wales and partly in England [LTTADTWA 2017 s 9]
  • ▸ CHAPTER 3 PARTICULAR TRANSACTIONS (ss 10-16)
    • Contracts and transfers: general provision (s 10)
    • Contracts and transfers: particular cases (ss 11-13)
    • Substantial performance (s 14)
    • Options etc (s 15)
    • Exchanges (s 16)
  • ▸ CHAPTER 4 CHARGEABLE TRANSACTIONS AND CHARGEABLE CONSIDERATION (ss 17-23)
    • Chargeable transactions (s 17)
    • Chargeable consideration (ss 18-23)
▸ PART 3 CALCULATION OF TAX AND RELIEFS (ss 24-31)
  • ▸ Calculation of tax (ss 24-29)
    • Section 24 – Regulations specifying tax bands and tax rates [LTTADTWA 2017 s 24]
    • Section 25 – Procedure for regulations specifying tax bands and tax rates [LTTADTWA 2017 s 25]
    • Section 26 – Tax bands and tax rates applicable when regulations cease to have effect [LTTADTWA 2017 s 26]
    • Section 27 – Amount of tax chargeable: transactions which are not linked [LTTADTWA 2017 s 27]
    • Section 28 – Amount of tax chargeable: linked transactions [LTTADTWA 2017 s 28]
    • Section 29 – Calculation provisions subject to certain provisions about reliefs [LTTADTWA 2017 s 29]
  • ▸ Reliefs (ss 30-31)
    • Section 30 – Reliefs [LTTADTWA 2017 s 30]
    • Section 31 – Reliefs: anti-avoidance [LTTADTWA 2017 s 31]
▸ PART 4 LEASES (s 32)
  • Section 32 – Leases [LTTADTWA 2017 s 32]
▸ PART 5 APPLICATION OF ACT AND TCMA TO CERTAIN PERSONS AND BODIES (ss 33-43)
  • Section 33 – Companies [LTTADTWA 2017 s 33]
  • Section 34 – Unit trust schemes [LTTADTWA 2017 s 34]
  • Section 35 – Open-ended investment companies [LTTADTWA 2017 s 35]
  • Section 36 – Co-ownership authorised contractual schemes [LTTADTWA 2017 s 36]
  • Section 37 – Joint buyers: general rules [LTTADTWA 2017 s 37]
  • Section 38 – Joint buyers: returns and declarations [LTTADTWA 2017 s 38]
  • Section 39 – Joint buyers: enquiries and assessments [LTTADTWA 2017 s 39]
  • Section 40 – Joint buyers: appeals and reviews [LTTADTWA 2017 s 40]
  • Section 41 – Partnerships [LTTADTWA 2017 s 41]
  • Section 42 – Trusts [LTTADTWA 2017 s 42]
  • Section 43 – Persons acting in a representative capacity [LTTADTWA 2017 s 43]
▸ PART 6 RETURNS AND PAYMENTS (ss 44-65)
  • ▸ CHAPTER 1 RETURNS (ss 44-55)
    • Duty to make return (s 44)
    • Notifiable transactions (ss 45-46)
    • Adjustments (ss 47-52)
    • Declarations (ss 53-55)
  • ▸ CHAPTER 2 LIABILITY FOR AND PAYMENT OF TAX (ss 56-57)
    • Liability for tax (s 56)
    • Payment of tax (s 57)
  • ▸ CHAPTER 3 DEFERRAL OF TAX (ss 58-64)
    • Section 58 – Deferral requests in cases of contingent or uncertain consideration [LTTADTWA 2017 s 58]
    • Section 59 – Calculation of deferrable amount [LTTADTWA 2017 s 59]
    • Section 60 – Deferral requests: notices of WRA decisions [LTTADTWA 2017 s 60]
    • Section 61 – Deferral requests: effect of WRA's decision [LTTADTWA 2017 s 61]
    • Section 62 – Variation of deferral requests [LTTADTWA 2017 s 62]
    • Section 63 – Failure to comply with WRA's agreement to defer [LTTADTWA 2017 s 63]
    • Section 64 – Regulations about deferral of tax [LTTADTWA 2017 s 64]
  • ▸ CHAPTER 4 REGISTRATION OF LAND TRANSACTIONS (s 65)
    • Section 65 – Registration of land transactions [LTTADTWA 2017 s 65]
▸ PART 7 GENERAL ANTI-AVOIDANCE RULE (s 66)
  • Section 66 – General anti-avoidance rule [LTTADTWA 2017 s 66]
▸ PART 8 INTERPRETATION AND FINAL PROVISIONS (ss 67-82)
  • ▸ Interpretation (ss 67-75)
    • Section 67 – Meaning of tax [LTTADTWA 2017 s 67]
    • Section 68 – Meaning of major interest in land [LTTADTWA 2017 s 68]
    • Section 69 – Meaning of subject-matter and main subject-matter [LTTADTWA 2017 s 69]
    • Section 70 – Meaning of market value [LTTADTWA 2017 s 70]
    • Section 71 – Meaning of effective date of transaction [LTTADTWA 2017 s 71]
    • Section 72 – Meaning of residential property [LTTADTWA 2017 s 72]
    • Section 73 – Meaning of dwelling [LTTADTWA 2017 s 73]
    • Section 74 – References to connected persons [LTTADTWA 2017 s 74]
    • Section 75 – Other definitions [LTTADTWA 2017 s 75]
  • ▸ Amendments to the Tax Collection and Management (Wales) Act 2016 (s 76)
    • Section 76 – Amendments to TCMA [LTTADTWA 2017 s 76]
  • ▸ Independent review (s 77)
    • Section 77 – Independent review of land transaction tax [LTTADTWA 2017 s 77]
  • ▸ Final provisions (ss 78-82)
    • Section 78 – Power to make consequential etc provision [LTTADTWA 2017 s 78]
    • Section 79 – Regulations [LTTADTWA 2017 s 79]
    • Section 80 – Crown application [LTTADTWA 2017 s 80]
    • Section 81 – Coming into force [LTTADTWA 2017 s 81]
    • Section 82 – Short title [LTTADTWA 2017 s 82]
▸ SCHEDULE 1 OVERVIEW OF SCHEDULES
  • The Schedules to this Act are arranged as follows— [LTTADTWA 2017 Sch 1 para 1]
▸ SCHEDULE 2 PRE-COMPLETION TRANSACTIONS
  • ▸ PART 1 INTRODUCTION AND KEY CONCEPTS
    • Overview
    • Application of this Schedule
    • Meaning of ““pre-completion transaction"
    • Other key terms
    • Tax not charged on transferee by reason of the pre-completion transaction
  • ▸ PART 2 PRE-COMPLETION TRANSACTIONS WHICH ARE ASSIGNMENTS OF RIGHTS
    • Pre-completion transactions which are assignments of rights
    • Assignments of rights: application of rules about completion and consideration
    • Assignment of rights: transferor treated as making separate acquisition
    • Notional land transactions: effect of rescission etc following substantial performance
    • Assignment of rights relating to part only of original contract
    • Assignment of rights: references to ““the seller"
  • ▸ PART 3 PRE-COMPLETION TRANSACTIONS WHICH ARE FREE-STANDING TRANSFERS
    • Pre-completion transactions which are free-standing transfers
    • Free-standing transfers: consideration and substantial performance
    • References to ““the seller" in cases involving free-standing transfers
  • ▸ PART 4 THE MINIMUM CONSIDERATION RULE
    • The minimum consideration rule
    • The first minimum amount
    • The second minimum amount
  • ▸ PART 5 RELIEFS
    • Relief for transferor: assignment of rights
    • Relief for original buyer: qualifying subsales
  • ▸ PART 6 INTERPRETATION AND INDEX
    • Interpretation
    • Index of expressions defined in this Schedule
▸ SCHEDULE 3 TRANSACTIONS EXEMPT FROM CHARGE
  • ▸ No chargeable consideration
    • 1 A land transaction is exempt from charge if there is... [LTTADTWA 2017 Sch 3 para 1]
  • ▸ Acquisitions by the Crown
    • 2 A land transaction under which the buyer is any of... [LTTADTWA 2017 Sch 3 para 2]
  • ▸ Transactions in connection with divorce etc
    • 3 A transaction between one party to a marriage and the... [LTTADTWA 2017 Sch 3 para 3]
  • ▸ Transactions in connection with dissolution of civil partnership etc
    • 4 A transaction between one party to a civil partnership and... [LTTADTWA 2017 Sch 3 para 4]
  • ▸ Assents and appropriations by personal representatives
    • 5.(1) The acquisition of property by a person in or... [LTTADTWA 2017 Sch 3 para ]
  • ▸ Variation of testamentary dispositions etc
    • 6.(1) A transaction following a person's death that varies a... [LTTADTWA 2017 Sch 3 para 6]
  • ▸ Power to add, remove or vary exemptions
    • 7 The Welsh Ministers may by regulations amend this Schedule so... [LTTADTWA 2017 Sch 3 para 7]
▸ SCHEDULE 4 CHARGEABLE CONSIDERATION
  • ▸ Money or money's worth
    • 1 The chargeable consideration for a transaction is, except as otherwise... [LTTADTWA 2017 Sch 4 para 1]
  • ▸ Value added tax
    • 2 The chargeable consideration for a transaction includes any value added... [LTTADTWA 2017 Sch 4 para 2]
  • ▸ Postponed consideration
    • 3 The amount or value of the chargeable consideration for a... [LTTADTWA 2017 Sch 4 para 3]
  • ▸ Just and reasonable apportionment
    • 4.(1) For the purposes of this Act, consideration attributable— [LTTADTWA 2017 Sch 4 para 4]
  • ▸ Exchanges
    • 5.(1) This paragraph applies to determine the chargeable consideration where... [LTTADTWA 2017 Sch 4 para 5]
  • ▸ Partition etc : disregard of existing interest
    • 6 In the case of a land transaction giving effect to... [LTTADTWA 2017 Sch 4 para 6]
  • ▸ Valuation of non-monetary consideration
    • 7 Except as otherwise provided, the value of any chargeable consideration... [LTTADTWA 2017 Sch 4 para 7]
  • ▸ Debt as consideration
    • 8.(1) Where the chargeable consideration for a land transaction consists... [LTTADTWA 2017 Sch 4 para 8]
  • ▸ Cases where conditions for exemption not fully met
    • 9.(1) Where a land transaction would be exempt from charge... [LTTADTWA 2017 Sch 4 para 9]
  • ▸ Conversion of amounts in foreign currency
    • 10.(1) References in this Act to the amount or value... [LTTADTWA 2017 Sch 4 para 10]
  • ▸ Carrying out of works
    • 11.(1) Where the whole or part of the consideration for... [LTTADTWA 2017 Sch 4 para 11]
  • ▸ Provision of services
    • 12.(1) Where the whole or part of the consideration for... [LTTADTWA 2017 Sch 4 para 12]
  • ▸ Land transaction entered into by reason of employment
    • 13 Where a land transaction is entered into by reason of... [LTTADTWA 2017 Sch 4 para 13]
  • ▸ Indemnity given by buyer
    • 14 Where the buyer agrees to indemnify the seller in respect... [LTTADTWA 2017 Sch 4 para 14]
  • ▸ Buyer bearing inheritance tax liability
    • 15 Where— (a) there is a land transaction that is— [LTTADTWA 2017 Sch 4 para 15]
  • ▸ Buyer bearing capital gains tax liability
    • 16.(1) Where— (a) there is a land transaction under which... [LTTADTWA 2017 Sch 4 para 16]
  • ▸ Costs of enfranchisement
    • 17 Costs borne by the buyer under section 9(4) of the... [LTTADTWA 2017 Sch 4 para 17]
  • ▸ Arrangements involving public or educational bodies
    • 18.(1) This paragraph applies in any case where arrangements are... [LTTADTWA 2017 Sch 4 para 18]
▸ SCHEDULE 5 HIGHER RATES RESIDENTIAL PROPERTY TRANSACTIONS
  • ▸ PART 1 INTRODUCTORY
    • Overview
  • ▸ PART 2 BUYER IS AN INDIVIDUAL: SINGLE DWELLING TRANSACTIONS
    • Introductory
    • Higher rates residential property transactions
    • Buyer has a major interest in other dwelling
    • Two or more buyers
    • Interest in same main residence exception
    • Replacement of main residence exception
    • Replacement of main residence: transactions during interim period
  • ▸ PART 3 BUYER IS AN INDIVIDUAL: MULTIPLE DWELLING TRANSACTIONS
    • Introductory
    • Higher rates residential property transaction
    • Two or more buyers
    • Two or more qualifying dwellings
    • Subsidiary dwelling exception
    • Buyer has a major interest in other dwelling
    • Interest in same main residence exception
    • Replacement of main residence exception
    • Replacement of main residence: transactions during interim period
  • ▸ PART 4 BUYER IS NOT AN INDIVIDUAL
    • Introductory
    • Transaction involving a dwelling
    • Transaction involving multiple dwellings
    • Two or more buyers
  • ▸ PART 5 SUPPLEMENTARY PROVISIONS
    • Further provision in connection with replacement of main residence exception
    • Further provision in connection with transactions being treated as higher rates residential property transactions
    • Spouses and civil partners purchasing alone
    • Property adjustment on divorce, dissolution of civil partnership etc
    • Settlements and bare trusts
    • Partnerships
    • Alternative finance arrangements
    • Major interests in dwellings inherited jointly
  • ▸ PART 6 INTERPRETATION
    • Dwellings outside Wales
    • What counts as a dwelling
    • Major interest not to include certain leases
    • Meaning of emergency, public authority and relevant restriction
▸ SCHEDULE 6 LEASES
  • ▸ PART 1 INTRODUCTORY
    • Overview
  • ▸ PART 2 DURATION OF LEASE AND TREATMENT OF OVERLAPPING LEASES
    • Lease for a fixed term
    • Leases that continue after a fixed term
    • Leases that continue after a fixed term: grant of a new lease
    • Leases for an indefinite term
    • Successive linked leases
    • Rent for overlap period in case of grant of further lease
    • Tenant holding over: new lease backdated to previous year
  • ▸ PART 3 RENT AND OTHER CONSIDERATION
    • Rent
    • Variable or uncertain rent
    • First rent review in final quarter of fifth year
    • Adjustment of tax where rent determined on reconsideration date
    • Underpayment of tax where rent determined on reconsideration date
    • Overpayment of tax where rent determined on reconsideration date
    • Reverse premiums
    • Tenants' obligations etc that do not count as chargeable consideration
    • Surrender of existing lease in return for new lease
    • Assignment of lease: assumption of obligations by assignee
    • Loan or deposit in connection with grant or assignment of lease
  • ▸ PART 4 AGREEMENTS FOR LEASE, ASSIGNMENTS AND VARIATIONS
    • Agreement for lease
    • Assignment of agreement for lease
    • Cases where assignment of lease treated as grant of lease
    • Assignment of lease
    • Reduction of rent or term or other variation of lease
    • Increase of rent treated as grant of new lease: variation of lease in first 5 years
    • Residential leases, non-residential leases and mixed leases
    • No tax chargeable in respect of rent: residential leases
    • Tax rates and bands: rent element of non-residential and mixed leases
    • Calculation of tax chargeable in respect of rent: non-residential and mixed leases
    • Calculation of tax chargeable in respect of rent: linked transactions
    • Net present value
    • Temporal discount rate
    • Tax chargeable in respect of consideration other than rent: general
    • Tax chargeable in respect of consideration other than rent: no zero rate band for non-residential leases
    • Tax chargeable in respect of consideration other than rent: mixed leases
    • Relevant rent
    • Power to amend or repeal paragraphs 34 to 36
▸ SCHEDULE 7 PARTNERSHIPS
  • ▸ PART 1 INTRODUCTORY
    • Overview
  • ▸ PART 2 GENERAL PROVISIONS
    • Partnerships
    • Chargeable interests treated as held by partners etc
    • Acquisition of interest in partnership not chargeable except as specially provided
    • Continuity of partnerships
    • Partnership not to be regarded as a unit trust scheme etc
  • ▸ PART 3 ORDINARY PARTNERSHIP TRANSACTIONS
    • Introduction
    • Responsibility of partners
    • Representative partners
    • Joint and several liability of responsible partners
  • ▸ PART 4 TRANSACTIONS INVOLVING TRANSFERS TO A PARTNERSHIP
    • Introduction
    • Transfer of chargeable interest to a partnership: general
    • Transfer of chargeable interest to a partnership: sum of the lower proportions
    • Relevant owner
    • Corresponding partner
    • Proportion of chargeable interest attributable to corresponding partner
    • Transfer of partnership interest pursuant to tax avoidance arrangements
    • Withdrawal of money etc from partnership after transfer of chargeable interest
  • ▸ PART 5 TRANSACTIONS INVOLVING TRANSFERS FROM A PARTNERSHIP
    • Introduction
    • Transfer of chargeable interest from a partnership: general
    • Transfer of chargeable interest from a partnership: sum of the lower proportions
    • Relevant owner
    • Corresponding partner
    • Proportion of chargeable interest attributable to corresponding partner
    • Partnership share attributable to corresponding partner: effective date of transfer before 20 October 2003
    • Partnership share attributable to corresponding partner: effective date of transfer on or after 20 October 2003
  • ▸ PART 6 OTHER PARTNERSHIP TRANSACTIONS
    • Introduction
    • Transfer of chargeable interest from a partnership to a partnership
    • Transfer of chargeable interest from a partnership consisting wholly of bodies corporate
  • ▸ PART 7 APPLICATION OF PARTS 5 AND 6 IN RELATION TO LEASES
    • Transfer of chargeable interest to or from a partnership: chargeable consideration including rent
  • ▸ PART 8 TRANSFERS INVOLVING PROPERTY-INVESTMENT PARTNERSHIPS
    • Introduction
    • Meaning of property investment partnerships
    • Transfer of interest in property-investment partnership
    • Exclusion of market rent leases
    • Election by property-investment partnership to disapply paragraph 13
    • Partnership interests: application of provisions about exchange
  • ▸ PART 9 APPLICATION OF EXEMPTIONS, RELIEFS, PROVISIONS OF TCMA AND NOTIFICATION PROVISIONS
    • Introduction
    • Application of exemptions and reliefs
    • Application of group relief
    • Sum of the lower portions: connected company
    • Application of charities relief
    • Modifications of TCMA in relation to partnerships
    • Notification of transfer of partnership interest
  • ▸ PART 10 INTERPRETATION
    • Partnership property and partnership share
    • Transfer of a chargeable interest
    • Transfer of chargeable interest to a partnership
    • Transfer of interest in a partnership
    • Transfer of a chargeable interest from a partnership
    • Market value of leases
    • Connected persons
    • Arrangements
▸ SCHEDULE 8 TRUSTS
  • ▸ Overview
    • 1.(1) This Schedule makes provision about the application of this... [LTTADTWA 2017 Sch 8 para 1]
  • ▸ Key terms
    • 2.(1) In this Schedule, a "bare trust" means a trust... [LTTADTWA 2017 Sch 8 para 2]
  • ▸ Bare trusts
    • 3.(1) Where a person (““T") acquires a chargeable interest or... [LTTADTWA 2017 Sch 8 para 3]
  • ▸ Acquisition by trustees of settlement
    • 4 Where persons acquire a chargeable interest or an interest in... [LTTADTWA 2017 Sch 8 para 4]
  • ▸ Consideration for exercise of power of appointment or discretion
    • 5.(1) Sub-paragraph (2) applies where a chargeable interest is acquired... [LTTADTWA 2017 Sch 8 para 5]
  • ▸ Reallocation of trust property as between beneficiaries
    • 6 Where— (a) the trustees of a settlement reallocate trust property... [LTTADTWA 2017 Sch 8 para 6]
  • ▸ Responsibility of trustees of settlement
    • 7.(1) Where the trustees of a settlement are liable to... [LTTADTWA 2017 Sch 8 para 7]
  • ▸ Relevant trustees for purposes of return etc
    • 8.(1) A return in relation to a land transaction may... [LTTADTWA 2017 Sch 8 para 8]
  • ▸ Relevant trustees: enquiries and assessments
    • 9.(1) If WRA issues a notice of enquiry under section... [LTTADTWA 2017 Sch 8 para 9]
  • ▸ Relevant trustees: appeals and reviews
    • 10.(1) The agreement of all the relevant trustees is required... [LTTADTWA 2017 Sch 8 para 10]
  • ▸ Interests of beneficiaries under certain trusts
    • 11.(1) Sub-paragraphs (2) and (3) apply where property is held... [LTTADTWA 2017 Sch 8 para 11]
▸ SCHEDULE 9 SALE AND LEASEBACK RELIEF
  • ▸ The relief
    • 1 The leaseback element of a sale and leaseback arrangement is... [LTTADTWA 2017 Sch 9 para 1]
  • ▸ Sale and leaseback arrangements
    • 2 A sale and leaseback arrangement is an arrangement under which—... [LTTADTWA 2017 Sch 9 para 2]
  • ▸ Qualifying conditions
    • 3.(1) The qualifying conditions are— (a) that the sale transaction... [LTTADTWA 2017 Sch 9 para 3]
▸ SCHEDULE 10 ALTERNATIVE PROPERTY FINANCE RELIEFS
  • ▸ PART 1 INTRODUCTORY
    • Overview
  • ▸ PART 2 THE RELIEFS
    • Land sold to financial institution and leased to a person
    • Land sold to financial institution and re-sold to a person
    • References to P where P is an individual who has died
  • ▸ PART 3 CIRCUMSTANCES WHERE ARRANGEMENTS NOT RELIEVED
    • No relief where group relief, acquisition relief or reconstruction relief available on first transaction
    • Land sold to financial institution and leased to a person: arrangements to transfer control of institution
  • ▸ PART 4 EXEMPT INTEREST
    • Interest held by financial institution an exempt interest
  • ▸ PART 5 INTERPRETATION
    • Meaning of ““financial institution"
    • Meaning of ““arrangements"
▸ SCHEDULE 11 RELIEF FOR ALTERNATIVE FINANCE INVESTMENT BONDS
  • ▸ PART 1 INTRODUCTORY
    • Overview
    • Interpretation
  • ▸ PART 2 ISSUE, TRANSFER AND REDEMPTION OF RIGHTS UNDER BOND NOT TO BE TREATED AS CHARGEABLE TRANSACTION
    • Bond-holder not to be treated as having an interest in the bond assets
    • Bond-holder treated as having an interest if control of underlying asset acquired
  • ▸ PART 3 CONDITIONS FOR OPERATION OF RELIEFS ETC
    • Introduction
    • Condition 1
    • Condition 2
    • Condition 3
    • Condition 4
    • Condition 5
    • Condition 6
    • Condition 7
  • ▸ PART 4 RELIEF FOR CERTAIN TRANSACTIONS
    • Relief for the first transaction
    • Withdrawal of relief for the first transaction
    • Relief for the second transaction
    • Discharge of charge when conditions for relief met
    • Relief not available where bond-holder acquires control of underlying asset
  • ▸ PART 5 SUPPLEMENTARY
    • Replacement of asset
    • WRA to notify Registrar of discharge of charge
▸ SCHEDULE 12 RELIEF FOR INCORPORATION OF LIMITED LIABILITY PARTNERSHIP
  • ▸ The relief
    • 1 A transaction by which a chargeable interest is transferred by... [LTTADTWA 2017 Sch 12 para 1]
  • ▸ Condition A
    • 2 Condition A is that the effective date of the transaction... [LTTADTWA 2017 Sch 12 para 2]
  • ▸ Condition B
    • 3 Condition B is that at the relevant time the transferor—... [LTTADTWA 2017 Sch 12 para 3]
  • ▸ Condition C
    • 4 Condition C is that— (a) the proportions of the chargeable... [LTTADTWA 2017 Sch 12 para 4]
  • ▸ Interpretation
    • 5.(1) In this Schedule— "limited liability partnership" ("partneriaeth atebolrwydd cyfyngedig”")... [LTTADTWA 2017 Sch 12 para 5]
▸ SCHEDULE 13 RELIEF FOR ACQUISITIONS INVOLVING MULTIPLE DWELLINGS
  • ▸ Overview
    • 1 This Schedule makes provision about relief available for acquisitions involving... [LTTADTWA 2017 Sch 13 para 1]
    • 2 This Schedule is arranged as follows— (a) paragraph 3 identifies... [LTTADTWA 2017 Sch 13 para 2]
  • ▸ Transactions to which this Schedule applies
    • 3.(1) This Schedule applies to a relevant transaction [LTTADTWA 2017 Sch 13 para 3]
  • ▸ Key terms
    • 4.(1) "The consideration attributable to dwellings" is— [LTTADTWA 2017 Sch 13 para 4]
  • ▸ The amount of tax chargeable
    • 5.(1) If relief under this Schedule is claimed for a... [LTTADTWA 2017 Sch 13 para 5]
  • ▸ Determining the tax related to the consideration attributable to dwellings
    • 6.(1) For the purposes of paragraph 5(1)(a), ““the tax related... [LTTADTWA 2017 Sch 13 para 6]
  • ▸ Determining the tax related to the remaining consideration
    • 7.(1) For the purposes of paragraph 5(1)(b), ““the tax related... [LTTADTWA 2017 Sch 13 para 7]
  • ▸ Circumstances in which subsidiary dwellings do not count as separate dwellings
    • 7A.(1) Sub-paragraph (3) applies in relation to a chargeable transaction—... [LTTADTWA 2017 Sch 13 para 7A]
  • ▸ Certain buildings not yet constructed or adapted to count as a dwelling
    • 8.(1) For the purposes of this Schedule, the main subject-matter... [LTTADTWA 2017 Sch 13 para 8]
▸ SCHEDULE 14 RELIEF FOR CERTAIN ACQUISITIONS OF DWELLINGS
  • ▸ PART 1 INTRODUCTORY
    • Overview
  • ▸ PART 2 RELIEF FOR CERTAIN ACQUISITIONS OF DWELLINGS
    • Acquisition by housebuilder from individual acquiring new dwelling
    • Acquisition by property trader from individual acquiring new dwelling
    • Acquisition by property trader from individual where chain of transactions breaks down
    • Relief for acquisition by property trader from personal representatives
    • Acquisition by property trader in case of relocation of employment
    • Acquisition by employer in case of relocation of employment
    • Withdrawal of reliefs available to property traders
    • Interpretation
  • ▸ PART 3 RELIEF FOR PERSONS EXERCISING COLLECTIVE RIGHTS
    • Relief for transactions entered into by persons exercising collective rights
▸ SCHEDULE 15 RELIEF FOR CERTAIN TRANSACTIONS RELATING TO SOCIAL HOUSING
  • ▸ PART 1 INTRODUCTORY
    • Overview
  • ▸ PART 2 Public Sector Discount Relief
    • Relief for public sector discount transactions
  • ▸ PART 3 SHARED OWNERSHIP LEASES
    • Shared ownership lease: election for market value treatment
    • Shared ownership lease: transfer of reversion where election made for market value treatment
    • Shared ownership lease: election for market value treatment of premium where staircasing allowed
    • Shared ownership lease: staircasing transactions
    • Shared ownership lease: grant not linked with staircasing transactions etc
    • Rent to shared ownership lease: charge to tax
    • Shared ownership leases: interpretation
  • ▸ PART 4 SHARED OWNERSHIP TRUSTS
    • Shared ownership trusts: meaning of shared ownership trust and other key terms
    • Shared ownership trust: the buyer
    • Shared ownership trust: election for market value treatment
    • Shared ownership trust transfer upon termination
    • Shared ownership trust: staircasing transactions
    • Shared ownership trust: treatment of additional payments where no election made
    • Shared ownership trust: declaration not linked with staircasing etc
    • Rent to shared ownership trust: charge to tax
  • ▸ PART 5 RENT TO MORTGAGE
    • Rent to mortgage: chargeable consideration
  • ▸ PART 6 RELIEF FOR CERTAIN ACQUISITIONS BY REGISTERED SOCIAL LANDLORDS
    • Relief for certain acquisitions by registered social landlords
▸ SCHEDULE 16 GROUP RELIEF
  • ▸ PART 1 INTRODUCTORY
    • Overview
  • ▸ PART 2 THE RELIEF
    • Group relief
    • Group relief: interpretation
  • ▸ PART 3 RESTRICTIONS ON AVAILABILITY OF RELIEF
    • Restrictions on availability of group relief
    • Certain arrangements not within paragraph 4: joint venture companies
    • Certain mortgage arrangements not within paragraph 4
  • ▸ PART 4 WITHDRAWAL OF RELIEF
    • Interpretation: relieved transaction
    • Withdrawal of group relief
    • Cases in which group relief not withdrawn
    • Group relief not withdrawn where seller leaves group
    • Group relief not withdrawn as a result of certain transfers of business etc by mutual societies
    • Withdrawal of group relief in certain cases involving successive transactions
  • ▸ PART 5 RECOVERY OF RELIEF FROM CERTAIN PERSONS
    • Recovery of group relief from another group company or controlling director
    • Recovery of group relief: supplementary
▸ SCHEDULE 17 RECONSTRUCTION AND ACQUISITION RELIEFS
  • ▸ PART 1 INTRODUCTORY
    • Overview
  • ▸ PART 2 RECONSTRUCTION RELIEF
    • Reconstruction relief
  • ▸ PART 3 ACQUISITION RELIEF
    • Acquisition relief
  • ▸ PART 4 WITHDRAWAL OF RECONSTRUCTION OR ACQUISITION RELIEF
    • Interpretation
    • Withdrawal of reconstruction or acquisition relief
    • Cases in which reconstruction or acquisition relief not withdrawn
    • Withdrawal of reconstruction or acquisition relief on subsequent non-exempt transfer
  • ▸ Recovery of reconstruction or acquisition relief from another group company or controlling director
    • 8.(1) This paragraph applies where— (a) tax is chargeable under... [LTTADTWA 2017 Sch 17 para 8]
  • ▸ Recovery of reconstruction or acquisition relief: supplementary
    • 9.(1) WRA may issue a notice to a person within... [LTTADTWA 2017 Sch 17 para 9]
▸ SCHEDULE 18 CHARITIES RELIEF
  • ▸ Overview
    • 1 This Schedule is arranged as follows— (a) paragraph 2 defines... [LTTADTWA 2017 Sch 18 para 1]
  • ▸ Key terms
    • 2.(1) In this Schedule, a charity (““C") which is a... [LTTADTWA 2017 Sch 18 para 2]
  • ▸ Meaning of “charity”
    • 2A For the purpose of this Schedule, “charity” means a body... [LTTADTWA 2017 Sch 18 para 2A]
  • ▸ Meaning of “charity”: jurisdiction condition
    • 2B.(1) A body of persons or trust meets the jurisdiction... [LTTADTWA 2017 Sch 18 para 2B]
  • ▸ Meaning of “charity”: registration condition
    • 2C.(1) A body of persons or trust meets the registration... [LTTADTWA 2017 Sch 18 para 2C]
  • ▸ Meaning of “charity”: management condition
    • 2D.(1) A body of persons or trust meets the management... [LTTADTWA 2017 Sch 18 para 2D]
  • ▸ The relief
    • 3.(1) A land transaction is relieved from tax where the... [LTTADTWA 2017 Sch 18 para 3]
  • ▸ Withdrawal of charities relief
    • 4.(1) This paragraph applies where— (a) a land transaction is... [LTTADTWA 2017 Sch 18 para 4]
  • ▸ Charity not a qualifying charity
    • 5.(1) This paragraph applies where— (a) a land transaction is... [LTTADTWA 2017 Sch 18 para 5]
  • ▸ Joint purchase by qualifying charity and another person: partial relief
    • 6.(1) This paragraph applies where— (a) there are two or... [LTTADTWA 2017 Sch 18 para 6]
  • ▸ Withdrawal of partial relief
    • 7.(1) This paragraph applies where— (a) a land transaction is... [LTTADTWA 2017 Sch 18 para 7]
  • ▸ Partial relief: charity not a qualifying charity
    • 8.(1) This paragraph applies where— (a) a charity (““C") is... [LTTADTWA 2017 Sch 18 para 8]
  • ▸ Application of this Schedule to certain trusts
    • 9.(1) This Schedule applies to the following trusts as it... [LTTADTWA 2017 Sch 18 para 9]
▸ SCHEDULE 19 OPEN-ENDED INVESTMENT COMPANY RELIEFS
  • ▸ Relief from land transaction tax: conversion of an authorised unit trust to an open-ended investment company
    • 1.(1) A land transaction transferring any property which is subject... [LTTADTWA 2017 Sch 19 para 1]
  • ▸ Relief from land transaction tax: amalgamation of an authorised unit trust with an open-ended investment company
    • 2.(1) A land transaction transferring any property which is subject... [LTTADTWA 2017 Sch 19 para 2]
  • ▸ Interpretation
    • 3.(1) For the purposes of this Schedule, "the whole of... [LTTADTWA 2017 Sch 19 para 3]
▸ SCHEDULE 20 RELIEF FOR ACQUISITIONS BY PUBLIC BODIES AND HEALTH BODIES
  • ▸ Relief for certain acquisitions involving public bodies
    • 1.(1) A land transaction entered into on, or in consequence... [LTTADTWA 2017 Sch 20 para 1]
  • ▸ Relief for acquisitions by certain health service bodies
    • 2 A land transaction is relieved from tax if the buyer... [LTTADTWA 2017 Sch 20 para 2]
▸ SCHEDULE 21 COMPULSORY PURCHASE RELIEF AND PLANNING OBLIGATIONS RELIEF
  • ▸ Relief for compulsory purchase facilitating development
    • 1.(1) A compulsory purchase facilitating development is relieved from tax... [LTTADTWA 2017 Sch 21 para 1]
  • ▸ Relief for compliance with planning obligations
    • 2.(1) A land transaction that is entered into in order... [LTTADTWA 2017 Sch 21 para 2]
▸ SCHEDULE 21A RELIEF FOR SPECIAL TAX SITES
  • ▸ PART 1 Key terms
    • Meaning of transaction land
    • Meaning of special tax site
    • Meaning of qualifying land
    • Meaning of qualifying manner
  • ▸ PART 2 The Relief
    • Meaning of relief period
    • Full relief
    • Partial relief
    • Attributing chargeable consideration to land
    • Contract completed by transfer after the end of the relief period
  • ▸ PART 3 Withdrawal of relief
    • Withdrawal of relief
    • The control period
    • Disposal of interest in part of qualifying land during control period
  • ▸ PART 4 ALTERNATIVE FINANCE ARRANGEMENT
    • Alternative Property Finance
▸ SCHEDULE 22 MISCELLANEOUS RELIEFS
  • ▸ Lighthouses reliefs
    • 1 A land transaction entered into by or under the direction... [LTTADTWA 2017 Sch 22 para 1]
    • 2.(1) A land transaction entered into by or under the... [LTTADTWA 2017 Sch 22 para 2]
  • ▸ Visiting forces and international military headquarters reliefs
    • 3 A land transaction entered into with a view to— [LTTADTWA 2017 Sch 22 para 3]
    • 4.(1) Paragraph 3 has effect in relation to a designated... [LTTADTWA 2017 Sch 22 para 4]
    • 5 In paragraphs 3 and 4, "visiting force" means any body,... [LTTADTWA 2017 Sch 22 para 5]
  • ▸ Relief for property accepted in satisfaction of tax
    • 6 A land transaction— (a) which is entered into under section... [LTTADTWA 2017 Sch 22 para 6]
  • ▸ Trunk roads relief
    • 7.(1) A land transaction to which the Welsh Ministers are... [LTTADTWA 2017 Sch 22 para 7]
  • ▸ Relief for acquisitions by bodies established for national purposes
    • 8 A land transaction is relieved from tax if the buyer... [LTTADTWA 2017 Sch 22 para 8]
  • ▸ Relief for acquisitions in consequence of reorganisation of parliamentary constituencies
    • 9.(1) A land transaction is relieved from tax where an... [LTTADTWA 2017 Sch 22 para 9]
  • ▸ Building societies relief
    • 10.(1) A land transaction is relieved from tax if it... [LTTADTWA 2017 Sch 22 para 10]
  • ▸ Friendly societies relief
    • 11.(1) A land transaction is relieved from tax if it... [LTTADTWA 2017 Sch 22 para 11]
  • ▸ Co-operative and community benefit society and credit union relief
    • 12.(1) A land transaction is relieved from tax if it... [LTTADTWA 2017 Sch 22 para 12]
▸ SCHEDULE 23 AMENDMENTS TO THE TAX COLLECTION AND MANAGEMENT (WALES) ACT 2016
  • 1 TCMA is amended as follows [LTTADTWA 2017 Sch 23 para 1]
  • 2 In section 1 (overview of Act), after paragraph (b) insert—... [LTTADTWA 2017 Sch 23 para 2]
  • 3 In the Welsh text, in section 37 (overview of Part),... [LTTADTWA 2017 Sch 23 para 3]
  • 4 In Chapter 2 of Part 3, in the chapter heading... [LTTADTWA 2017 Sch 23 para 4]
  • 5 In section 38 (duty to keep and preserve records)— [LTTADTWA 2017 Sch 23 para 5]
  • 6 After section 38 insert— Duty to keep and preserve records:... [LTTADTWA 2017 Sch 23 para 6]
  • 7 In section 39 (preservation of information etc ), after ““38" insert... [LTTADTWA 2017 Sch 23 para 7]
  • 8 After section 39 insert— Power to make regulations about records... [LTTADTWA 2017 Sch 23 para 8]
  • 9 In section 40 (meaning of filing date), for ““this Act"... [LTTADTWA 2017 Sch 23 para 9]
  • 10 In section 41 (amendment of tax return by taxpayer), for... [LTTADTWA 2017 Sch 23 para 10]
  • 11 In section 42 (correction of tax return by WRA)— [LTTADTWA 2017 Sch 23 para 11]
  • 12 In section 43 (notice of enquiry)— (a) in subsection.(1),... [LTTADTWA 2017 Sch 23 para 12]
  • 13 In section 45 (amendment of tax return during enquiry to... [LTTADTWA 2017 Sch 23 para 13]
  • 14 After section 45 insert— Amendment of tax return by taxpayer... [LTTADTWA 2017 Sch 23 para 14]
  • 15 In section 50 (completion of enquiry), in subsection (4), for... [LTTADTWA 2017 Sch 23 para 15]
  • 16 In section 52 (determination of tax chargeable if no tax... [LTTADTWA 2017 Sch 23 para 16]
  • 17 In the Welsh text, in section 54 (assessment where loss... [LTTADTWA 2017 Sch 23 para 17]
  • 18 In section 58 (conditions for making WRA assessments)— [LTTADTWA 2017 Sch 23 para 18]
  • 19 In section 59 (time limits for WRA assessments), in subsection... [LTTADTWA 2017 Sch 23 para 19]
  • 20 In section 61 (assessment procedure), omit subsection (3) [LTTADTWA 2017 Sch 23 para 20]
  • 21 In the Welsh text, in the heading to Chapter 7... [LTTADTWA 2017 Sch 23 para 21]
  • 22 In the Welsh text, in section 62 (claims for relief... [LTTADTWA 2017 Sch 23 para 22]
  • 23 In section 63 (claims for relief for overpaid tax etc )—... [LTTADTWA 2017 Sch 23 para 23]
  • 24 After section 63 insert— Claim for relief in respect of... [LTTADTWA 2017 Sch 23 para 24]
  • 25.(1) In section 64 (disallowing claims for relief due to... [LTTADTWA 2017 Sch 23 para 25]
  • 26 In the Welsh text, in section 65 (unjustified enrichment: further... [LTTADTWA 2017 Sch 23 para 26]
  • 27 In section 66 (unjustified enrichment: reimbursement arrangements)— [LTTADTWA 2017 Sch 23 para 27]
  • 28 In section 67 (cases in which WRA need not give... [LTTADTWA 2017 Sch 23 para 28]
  • 29 In section 68 (making claims)— (a) in subsection.(1), for... [LTTADTWA 2017 Sch 23 para 29]
  • 30 In section 69 (duty to keep and preserve records), in... [LTTADTWA 2017 Sch 23 para 30]
  • 31 In section 71 (amendment of claim by claimant), in subsection... [LTTADTWA 2017 Sch 23 para 31]
  • 32 In the Welsh text, in section 73 (giving effect to... [LTTADTWA 2017 Sch 23 para 32]
  • 33 In the Welsh text, in section 77 (giving effect to... [LTTADTWA 2017 Sch 23 para 33]
  • 34 In section 81 (contract settlements)— (a) after subsection.(1) insert—... [LTTADTWA 2017 Sch 23 para 34]
  • 35 In section 90 (requiring information and documents in relation to... [LTTADTWA 2017 Sch 23 para 35]
  • 36 In section 95 (complying with an information notice), in subsection... [LTTADTWA 2017 Sch 23 para 36]
  • 37 In the Welsh text, in section 100 (taxpayer notices following... [LTTADTWA 2017 Sch 23 para 37]
  • 38 In section 116(1) (no review or appeal of tribunal approvals),... [LTTADTWA 2017 Sch 23 para 38]
  • 39 In section 118 (penalty for failure to make tax return... [LTTADTWA 2017 Sch 23 para 39]
  • 40 In section 119 (penalty for failure to make tax return... [LTTADTWA 2017 Sch 23 para 40]
  • 41 In section 120 (penalty for failure to make tax return... [LTTADTWA 2017 Sch 23 para 41]
  • 42 For section 122 substitute— Penalty for failure to pay tax... [LTTADTWA 2017 Sch 23 para 42]
  • 43 Omit sections 123 and 124 [LTTADTWA 2017 Sch 23 para 43]
  • 44 In section 125 (special reduction in penalty), after subsection (2)... [LTTADTWA 2017 Sch 23 para 44]
  • 45 In section 126 (reasonable excuse for failure to make tax... [LTTADTWA 2017 Sch 23 para 45]
  • 46 In section 127 (assessment of penalties)— (a) in subsection (5),... [LTTADTWA 2017 Sch 23 para 46]
  • 47 In section 128 (time limit for assessment of penalties under... [LTTADTWA 2017 Sch 23 para 47]
  • 48 In section 130 (amount of penalty for inaccuracy in document... [LTTADTWA 2017 Sch 23 para 48]
  • 49 In section 132 (penalty for deliberate inaccuracy in document given... [LTTADTWA 2017 Sch 23 para 49]
  • 50 In section 133 (penalty for failure to notify under-assessment or... [LTTADTWA 2017 Sch 23 para 50]
  • 51 In section 141 (assessment of penalties under Chapter 3), in... [LTTADTWA 2017 Sch 23 para 51]
  • 52 In the Welsh text, in section 142 (interpretation of Chapter... [LTTADTWA 2017 Sch 23 para 52]
  • 53 In section 143 (penalty for failure to keep and preserve... [LTTADTWA 2017 Sch 23 para 53]
  • 54 In section 144 (reasonable excuse for failure to keep and... [LTTADTWA 2017 Sch 23 para 54]
  • 55 In section 145 (assessment of penalties under section 143), in... [LTTADTWA 2017 Sch 23 para 55]
  • 56 After section 154 (payment of penalties) insert— Liability of personal... [LTTADTWA 2017 Sch 23 para 56]
  • 57 Omit the italic cross-heading immediately preceding section 157 [LTTADTWA 2017 Sch 23 para 57]
  • 58 For sections 157 and 158 substitute— Late payment interest on... [LTTADTWA 2017 Sch 23 para 58]
  • 59 Omit section 159 (late payment interest start date: amendments to... [LTTADTWA 2017 Sch 23 para 59]
  • 60 In section 169 (proceedings in magistrates' court), after subsection (5)... [LTTADTWA 2017 Sch 23 para 60]
  • 61 In section 170(1) (enforcement by taking control of goods), for... [LTTADTWA 2017 Sch 23 para 61]
  • 62 In section 172(2) (list of appealable decisions), after paragraph (e)... [LTTADTWA 2017 Sch 23 para 62]
  • 63 After section 181 insert— CHAPTER 3A PAYMENT AND RECOVERY OF... [LTTADTWA 2017 Sch 23 para 63]
  • 64 In section 182 (payment of penalties in the event of... [LTTADTWA 2017 Sch 23 para 64]
  • 65 After section 183 insert— Suspension of repayment pending further appeal... [LTTADTWA 2017 Sch 23 para 65]
  • 66 Before section 188 (power to make consequential provision etc ) insert—... [LTTADTWA 2017 Sch 23 para 66]
  • 67 In section 189 (regulations), in subsection (2), after ““18(2)" insert... [LTTADTWA 2017 Sch 23 para 67]
  • 68 In section 190 (issue of notices by WRA)— [LTTADTWA 2017 Sch 23 para 68]
  • 69 In section 191 (giving notices and other documents to WRA)—... [LTTADTWA 2017 Sch 23 para 69]
  • 70 In section 192(2) (interpretation), in the appropriate places, insert— "buyer"... [LTTADTWA 2017 Sch 23 para 70]
  • 71 In section 193 (index of defined expressions), in Table 1,... [LTTADTWA 2017 Sch 23 para 71]
SCHEDULE 5 HIGHER RATES RESIDENTIAL PROPERTY TRANSACTIONS / PART 5 SUPPLEMENTARY PROVISIONS / Further provision in connection with transactions being treated as higher rates residential property transactions

Further provision in connection with transactions being treated as higher rates residential property transactions

Contents

  • 24.(1) This paragraph applies where by reason of the application... [LTTADTWA 2017 Sch 5 para 24] Section commentary

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