Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 45

Notifiable transactions

Section 45 defines which land transactions must be notified to the Welsh Revenue Authority by filing a land transaction tax return.

• Any acquisition of a major interest in land (a freehold or lease) must be notified unless it falls within a specific list of exceptions set out elsewhere in the Act.
• An acquisition of a lesser chargeable interest (not a major interest) must be notified if it is not exempt from charge and tax would apply at more than 0%, even if a relief would otherwise reduce the tax to nil.
• Certain deemed transactions must also be notified, including where a contract is transferred to a third party and where notional or additional notional transactions arise from pre-completion assignments of rights.
• The notification rules are subject to modifications by other provisions of the Act dealing with contracts and transfers, arrangements involving public or educational bodies, transfers of partnership interests, and alternative property finance arrangements.