Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 32

Leases

Section 32 defines what constitutes a "lease" for the purposes of Land Transaction Tax and directs readers to further detailed provisions.

• A lease includes any interest or right in or over land granted for a fixed term or on a periodic basis (for example, a yearly tenancy).
• It also covers any other interest or right in or over land that can be ended by giving a period of notice or by notice at any time.
• A tenancy at will is specifically excluded from the definition of a lease, as it is treated as an exempt interest under the Act.
• Schedule 6 of the Act contains additional detailed rules about how leases are treated for Land Transaction Tax purposes.