Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 49

Further return where relief is withdrawn

Section 49 requires buyers to file a further Land Transaction Tax return with the Welsh Revenue Authority when a previously claimed relief is subsequently withdrawn due to a disqualifying event.

• If relief is withdrawn under any of six specified categories — alternative finance investment bonds, certain residential property acquisitions, group relief, reconstruction or acquisition relief, charities relief, or special tax sites relief — the buyer must submit a further return to the Welsh Revenue Authority.
• The further return must be filed within 30 days of the disqualifying event and must include a self-assessment of the tax now due.
• Each type of relief has its own specific disqualifying event, such as a buyer leaving the seller's corporate group (for group relief) or qualifying land ceasing to be used exclusively in a qualifying manner during the control period (for special tax sites relief).
• Late payment interest on tax arising from a withdrawn relief runs from 30 days after the effective date of the original transaction, not from the date of the disqualifying event, and Welsh Ministers may change this 30-day period by regulations.

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