Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 13

Pre-completion transactions

Section 13 introduces Schedule 2, which deals with how land transaction tax applies when a property transaction is redirected or reassigned before the original contract is completed — for example, through an assignment of rights or a subsale.

• Schedule 2 sets out special rules for transactions that take place between exchange of contracts and completion
• These rules cover situations such as assignments of rights and subsales, where a new party steps in before the original deal completes
• The schedule explains how the normal contract-and-transfer rules in section 10 apply in these pre-completion scenarios
• Additional provisions address other tax consequences arising from these intermediate transactions