Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 1

Overview of Act

Section 1 provides a high-level overview of how the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 is structured and what each of its main parts covers.

• The Act establishes land transaction tax (LTT), which is charged on land transactions in Wales, and defines the key concepts such as chargeable interests, chargeable transactions, and chargeable consideration.
• The Act sets out how the tax is calculated, including tax bands, tax rates, and available reliefs, and includes specific provisions for leases, companies, partnerships, and trusts.
• The Act addresses who must file returns and pay the tax, when returns are due, and when payment may be deferred.
• The Act also introduces a general anti-avoidance rule for devolved taxes, inserted into the Tax Collection and Management (Wales) Act 2016, and includes various general and interpretive provisions.