Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 46

Exceptions for certain acquisitions of major interests in land

Section 46 sets out the circumstances in which a land transaction, although it would normally be notifiable, does not need to be reported to the Welsh Revenue Authority.

• Transactions exempt under Schedule 3, and low-value non-lease acquisitions (below £40,000 including linked transactions), are not notifiable.
• Short leases (under 7 years) — whether granted, assigned or surrendered — are not notifiable provided the consideration does not exceed the zero rate threshold.
• Long leases (7 years or more) are not notifiable on grant where the non-rent consideration is below £40,000 and the relevant rent is below £1,000, or on assignment/surrender where the consideration is below £40,000.
• The Welsh Ministers have the power to change the monetary thresholds by regulations.