Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 41

Partnerships

Section 41 introduces the special rules that apply when land transactions involve partnerships, and gives Welsh Ministers the power to update those rules.

• Schedule 7 of the Act contains detailed provisions on how land transaction tax applies to partnerships.
• These provisions also cover how the Tax Collection and Management (Wales) Act 2016 operates in relation to partnerships.
• Welsh Ministers have the power to amend Schedule 7 by making regulations, allowing the partnership rules to be updated without primary legislation.
• The partnership rules are necessary because partnerships are not separate legal entities for tax purposes, requiring special treatment when partners buy, sell or transfer land.