Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 42

Trusts

Section 42 introduces special rules for how land transaction tax applies where property is held in or transferred through trusts, and gives Welsh Ministers the power to update those rules.

• Schedule 8 of the Act contains detailed provisions on how land transaction tax applies to transactions involving trusts.
• Schedule 8 also covers how the Tax Collection and Management (Wales) Act 2016 applies in trust situations.
• Welsh Ministers have the power to amend Schedule 8 by making regulations, allowing the trust rules to be updated without requiring a new Act.
• This means the treatment of trust-related land transactions in Wales can be adapted over time as circumstances change.