Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 71

Meaning of effective date of transaction

Section 71 defines what is meant by the "effective date" of a land transaction for the purposes of land transaction tax.

• The effective date of a land transaction is the date of completion
• This is the default rule that applies unless another provision in the Act says otherwise
• The effective date is significant because it determines when the tax obligation arises and when the return must be filed
• Other sections of the Act may override this general rule in specific circumstances