Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017
2017 anaw 1 · Enacted 24 May 2017 · Extends to England and Wales
An Act of the National Assembly for Wales to make provision about the taxation of land transactions; to amend the Tax Collection and Management (Wales) Act 2016 (anaw 6) to make provision about counteracting avoidance of devolved taxes; to make other amendments to that Act; and for connected purposes.
[24 May 2017]
Having been passed by the National Assembly for Wales and having received the assent of Her Majesty, it is enacted as follows:C1
Annotations to the whole text
Modifications
- C1
Act: power to modify conferred (9.9.2022) by Welsh Tax Acts etc. (Power to Modify) Act 2022 (asc 2), ss. 1, 9 (with s. 2(4)-(6))
Contents
- Part 1: OVERVIEW
- 1Overview of Act
- Part 2: THE TAX AND KEY CONCEPTS
- Chapter 1: LAND TRANSACTION TAX
- 2Land transaction tax
- Chapter 2: LAND TRANSACTIONS
- 3Land transaction
- 4Chargeable interest
- 5Exempt interest
- 6Acquisition and disposal of chargeable interest
- 7Buyer and seller
- 8Linked transactions
- 9Land partly in Wales and partly in England
- Chapter 3: PARTICULAR TRANSACTIONS
- Contracts and transfers: general provision
- 10Contract and transfer
- Contracts and transfers: particular cases
- 11Contract providing for transfer to third party
- 12Contract providing for transfer to third party: effect of transfer of rights
- 13Pre-completion transactions
- Substantial performance
- 14Meaning of substantial performance
- Options etc.
- 15Options and rights of pre-emption
- Exchanges
- 16Exchanges
- Chapter 4: CHARGEABLE TRANSACTIONS AND CHARGEABLE CONSIDERATION
- Chargeable transactions
- 17Chargeable transaction
- Chargeable consideration
- 18Chargeable consideration
- 19Contingent consideration
- 20Uncertain or unascertained consideration
- 21Annuities
- 22Deemed market value
- 23Exceptions
- Part 3: CALCULATION OF TAX AND RELIEFS
- Calculation of tax
- 24Regulations specifying tax bands and tax rates
- 25Procedure for regulations specifying tax bands and tax rates
- 26Tax bands and tax rates applicable when regulations cease to have effect
- 27Amount of tax chargeable: transactions which are not linked
- 28Amount of tax chargeable: linked transactions
- 29Calculation provisions subject to certain provisions about reliefs
- Reliefs
- 30Reliefs
- 31Reliefs: anti-avoidance
- Part 4: LEASES
- 32Leases
- Part 5: APPLICATION OF ACT AND TCMA TO CERTAIN PERSONS AND BODIES
- 33Companies
- 34Unit trust schemes
- 35Open-ended investment companies
- 36Co-ownership authorised contractual schemes
- 37Joint buyers: general rules
- 38Joint buyers: returns and declarations
- 39Joint buyers: enquiries and assessments
- 40Joint buyers: appeals and reviews
- 41Partnerships
- 42Trusts
- 43Persons acting in a representative capacity
- Part 6: RETURNS AND PAYMENTS
- Chapter 1: RETURNS
- Duty to make return
- 44Duty to make a return
- Notifiable transactions
- 45Notifiable transactions
- 46Exceptions for certain acquisitions of major interests in land
- Adjustments
- 47Contingency ceases or consideration is ascertained: duty to make return
- 48Contingency ceases or consideration ascertained: repayment of tax
- 49Further return where relief is withdrawn
- 50Single return in respect of linked transactions with same effective date
- 51Return as a result of later linked transaction
- 52Power to amend period in which returns must be made
- Declarations
- 53Declaration
- 54Buyer with a disability: declaration by the Official Solicitor
- 55Declaration by person authorised to act on behalf of individual
- Chapter 2: LIABILITY FOR AND PAYMENT OF TAX
- Liability for tax
- 56Liability for tax
- Payment of tax
- 57Payment of tax
- Chapter 3: DEFERRAL OF TAX
- 58Deferral requests in cases of contingent or uncertain consideration
- 59Calculation of deferrable amount
- 60Deferral requests: notices of WRA decisions
- 61Deferral requests: effect of WRA's decision
- 62Variation of deferral requests
- 63Failure to comply with WRA's agreement to defer
- 64Regulations about deferral of tax
- Chapter 4: REGISTRATION OF LAND TRANSACTIONS
- 65Registration of land transactions
- Part 7: GENERAL ANTI-AVOIDANCE RULE
- 66General anti-avoidance rule
- Part 8: INTERPRETATION AND FINAL PROVISIONS
- Interpretation
- 67Meaning of tax
- 68Meaning of major interest in land
- 69Meaning of subject-matter and main subject-matter
- 70Meaning of market value
- 71Meaning of effective date of transaction
- 72Meaning of residential property
- 73Meaning of dwelling
- 74References to connected persons
- 75Other definitions
- Amendments to the Tax Collection and Management (Wales) Act 2016
- 76Amendments to TCMA
- Independent review
- 77Independent review of land transaction tax
- Final provisions
- 78Power to make consequential etc. provision
- 79Regulations
- 80Crown application
- 81Coming into force
- 82Short title
- Schedule 1: OVERVIEW OF SCHEDULES
- Paragraph
- Schedule 2: PRE-COMPLETION TRANSACTIONS
- Part 1: INTRODUCTION AND KEY CONCEPTS
- Overview
- 1Paragraph 1
- Application of this Schedule
- 2Paragraph 2
- Meaning of ““pre-completion transaction””
- 3Paragraph 3
- Other key terms
- 4Paragraph 4
- Tax not charged on transferee by reason of the pre-completion transaction
- 5Paragraph 5
- Part 2: PRE-COMPLETION TRANSACTIONS WHICH ARE ASSIGNMENTS OF RIGHTS
- Pre-completion transactions which are assignments of rights
- 6Paragraph 6
- Assignments of rights: application of rules about completion and consideration
- 7Paragraph 7
- Assignment of rights: transferor treated as making separate acquisition
- 8Paragraph 8
- Notional land transactions: effect of rescission etc. following substantial performance
- 9Paragraph 9
- Assignment of rights relating to part only of original contract
- 10Paragraph 10
- Assignment of rights: references to ““the seller””
- 11Paragraph 11
- Part 3: PRE-COMPLETION TRANSACTIONS WHICH ARE FREE-STANDING TRANSFERS
- Pre-completion transactions which are free-standing transfers
- 12Paragraph 12
- Free-standing transfers: consideration and substantial performance
- 13Paragraph 13
- References to ““the seller”” in cases involving free-standing transfers
- 14Paragraph 14
- Part 4: THE MINIMUM CONSIDERATION RULE
- The minimum consideration rule
- 15Paragraph 15
- The first minimum amount
- 16Paragraph 16
- The second minimum amount
- 17Paragraph 17
- Part 5: RELIEFS
- Relief for transferor: assignment of rights
- 18Paragraph 18
- Relief for original buyer: qualifying subsales
- 19Paragraph 19
- Part 6: INTERPRETATION AND INDEX
- Interpretation
- 20Paragraph 20
- Index of expressions defined in this Schedule
- 21Paragraph 21
- Schedule 3: TRANSACTIONS EXEMPT FROM CHARGE
- No chargeable consideration
- 1Paragraph 1
- Acquisitions by the Crown
- 2Paragraph 2
- Transactions in connection with divorce etc.
- 3Paragraph 3
- Transactions in connection with dissolution of civil partnership etc.
- 4Paragraph 4
- Assents and appropriations by personal representatives
- 5Paragraph 5
- Variation of testamentary dispositions etc.
- 6Paragraph 6
- Power to add, remove or vary exemptions
- 7Paragraph 7
- Schedule 4: CHARGEABLE CONSIDERATION
- Money or money's worth
- 1Paragraph 1
- Value added tax
- 2Paragraph 2
- Postponed consideration
- 3Paragraph 3
- Just and reasonable apportionment
- 4Paragraph 4
- Exchanges
- 5Paragraph 5
- Partition etc.: disregard of existing interest
- 6Paragraph 6
- Valuation of non-monetary consideration
- 7Paragraph 7
- Debt as consideration
- 8Paragraph 8
- Cases where conditions for exemption not fully met
- 9Paragraph 9
- Conversion of amounts in foreign currency
- 10Paragraph 10
- Carrying out of works
- 11Paragraph 11
- Provision of services
- 12Paragraph 12
- Land transaction entered into by reason of employment
- 13Paragraph 13
- Indemnity given by buyer
- 14Paragraph 14
- Buyer bearing inheritance tax liability
- 15Paragraph 15
- Buyer bearing capital gains tax liability
- 16Paragraph 16
- Costs of enfranchisement
- 17Paragraph 17
- Arrangements involving public or educational bodies
- 18Paragraph 18
- Schedule 5: HIGHER RATES RESIDENTIAL PROPERTY TRANSACTIONS
- Part 1: INTRODUCTORY
- Overview
- 1Paragraph 1
- Part 2: BUYER IS AN INDIVIDUAL: SINGLE DWELLING TRANSACTIONS
- Introductory
- 2Paragraph 2
- Higher rates residential property transactions
- 3Paragraph 3
- 4Paragraph 4
- Buyer has a major interest in other dwelling
- 5Paragraph 5
- Two or more buyers
- 6Paragraph 6
- Interest in same main residence exception
- 7Paragraph 7
- Replacement of main residence exception
- 8Paragraph 8
- Replacement of main residence: transactions during interim period
- 9Paragraph 9
- Subsequent disposal to local authorities exception: buyer is an individual in a single dwelling transaction
- 9AParagraph 9A
- Part 3: BUYER IS AN INDIVIDUAL: MULTIPLE DWELLING TRANSACTIONS
- Introductory
- 10Paragraph 10
- Higher rates residential property transaction
- 11Paragraph 11
- Two or more buyers
- 12Paragraph 12
- Two or more qualifying dwellings
- 13Paragraph 13
- Subsidiary dwelling exception
- 14Paragraph 14
- Buyer has a major interest in other dwelling
- 15Paragraph 15
- Interest in same main residence exception
- 16Paragraph 16
- Replacement of main residence exception
- 17Paragraph 17
- Replacement of main residence: transactions during interim period
- 18Paragraph 18
- Subsequent disposal to local authorities exception: multiple dwelling transactions
- 18AParagraph 18A
- Part 4: BUYER IS NOT AN INDIVIDUAL
- Introductory
- 19Paragraph 19
- Transaction involving a dwelling
- 20Paragraph 20
- Subsequent disposal to local authorities exception: transaction involving a dwelling
- 20AParagraph 20A
- Transaction involving multiple dwellings
- 21Paragraph 21
- Subsequent disposal to local authorities exception: transaction involving multiple dwellings
- 21AParagraph 21A
- Two or more buyers
- 22Paragraph 22
- Part 5: SUPPLEMENTARY PROVISIONS
- Further provision in connection with replacement of main residence exception
- 23Paragraph 23
- Further provision in connection with subsequent disposal to local authorities exception
- 23AParagraph 23A
- 23BParagraph 23B
- Further provision in connection with transactions being treated as higher rates residential property transactions
- 24Paragraph 24
- Spouses and civil partners purchasing alone
- 25Paragraph 25
- Property adjustment on divorce, dissolution of civil partnership etc.
- 26Paragraph 26
- Settlements and bare trusts
- 27Paragraph 27
- 28Paragraph 28
- 29Paragraph 29
- 30Paragraph 30
- 31Paragraph 31
- Partnerships
- 32Paragraph 32
- Alternative finance arrangements
- 33Paragraph 33
- Major interests in dwellings inherited jointly
- 34Paragraph 34
- Part 6: INTERPRETATION
- Dwellings outside Wales
- 35Paragraph 35
- What counts as a dwelling
- 36Paragraph 36
- Major interest not to include certain leases
- 37Paragraph 37
- Other definitions
- 38Paragraph 38
- Schedule 6: LEASES
- Part 1: INTRODUCTORY
- Overview
- 1Paragraph 1
- Part 2: DURATION OF LEASE AND TREATMENT OF OVERLAPPING LEASES
- Lease for a fixed term
- 2Paragraph 2
- Leases that continue after a fixed term
- 3Paragraph 3
- Leases that continue after a fixed term: grant of a new lease
- 4Paragraph 4
- Leases for an indefinite term
- 5Paragraph 5
- Successive linked leases
- 6Paragraph 6
- Rent for overlap period in case of grant of further lease
- 7Paragraph 7
- Tenant holding over: new lease backdated to previous year
- 8Paragraph 8
- Part 3: RENT AND OTHER CONSIDERATION
- Rent
- 9Paragraph 9
- Variable or uncertain rent
- 10Paragraph 10
- First rent review in final quarter of fifth year
- 11Paragraph 11
- Adjustment of tax where rent determined on reconsideration date
- 12Paragraph 12
- Underpayment of tax where rent determined on reconsideration date
- 13Paragraph 13
- Overpayment of tax where rent determined on reconsideration date
- 14Paragraph 14
- Reverse premiums
- 15Paragraph 15
- Tenants' obligations etc. that do not count as chargeable consideration
- 16Paragraph 16
- Surrender of existing lease in return for new lease
- 17Paragraph 17
- Assignment of lease: assumption of obligations by assignee
- 18Paragraph 18
- Loan or deposit in connection with grant or assignment of lease
- 19Paragraph 19
- Part 4: AGREEMENTS FOR LEASE, ASSIGNMENTS AND VARIATIONS
- Agreement for lease
- 20Paragraph 20
- Assignment of agreement for lease
- 21Paragraph 21
- Cases where assignment of lease treated as grant of lease
- 22Paragraph 22
- Assignment of lease
- 23Paragraph 23
- Reduction of rent or term or other variation of lease
- 24Paragraph 24
- Increase of rent treated as grant of new lease: variation of lease in first 5 years
- 25Paragraph 25
- Part 5: CALCULATION OF TAX CHARGEABLE
- Residential leases, non-residential leases and mixed leases
- 26Paragraph 26
- No tax chargeable in respect of rent: residential leases
- 27Paragraph 27
- Tax rates and bands: rent element of non-residential and mixed leases
- 28Paragraph 28
- Calculation of tax chargeable in respect of rent: non-residential and mixed leases
- 29Paragraph 29
- Calculation of tax chargeable in respect of rent: linked transactions
- 30Paragraph 30
- Net present value
- 31Paragraph 31
- Temporal discount rate
- 32Paragraph 32
- Tax chargeable in respect of consideration other than rent: general
- 33Paragraph 33
- Tax chargeable in respect of consideration other than rent: no zero rate band for non-residential leases
- 34Paragraph 34
- Tax chargeable in respect of consideration other than rent: mixed leases
- 35Paragraph 35
- Relevant rent
- 36Paragraph 36
- Power to amend or repeal paragraphs 34 to 36
- 37Paragraph 37
- Schedule 7: PARTNERSHIPS
- Part 1: INTRODUCTORY
- Overview
- 1Paragraph 1
- 2Paragraph 2
- Part 2: GENERAL PROVISIONS
- Partnerships
- 3Paragraph 3
- Chargeable interests treated as held by partners etc.
- 4Paragraph 4
- Acquisition of interest in partnership not chargeable except as specially provided
- 5Paragraph 5
- Continuity of partnerships
- 6Paragraph 6
- Partnership not to be regarded as a unit trust scheme etc.
- 7Paragraph 7
- Part 3: ORDINARY PARTNERSHIP TRANSACTIONS
- Introduction
- 8Paragraph 8
- Responsibility of partners
- 9Paragraph 9
- Representative partners
- 10Paragraph 10
- Joint and several liability of responsible partners
- 11Paragraph 11
- Part 4: TRANSACTIONS INVOLVING TRANSFERS TO A PARTNERSHIP
- Introduction
- 12Paragraph 12
- Transfer of chargeable interest to a partnership: general
- 13Paragraph 13
- Transfer of chargeable interest to a partnership: sum of the lower proportions
- 14Paragraph 14
- Relevant owner
- 15Paragraph 15
- Corresponding partner
- 16Paragraph 16
- Proportion of chargeable interest attributable to corresponding partner
- 17Paragraph 17
- Transfer of partnership interest pursuant to tax avoidance arrangements
- 18Paragraph 18
- Withdrawal of money etc. from partnership after transfer of chargeable interest
- 19Paragraph 19
- Part 5: TRANSACTIONS INVOLVING TRANSFERS FROM A PARTNERSHIP
- Introduction
- 20Paragraph 20
- Transfer of chargeable interest from a partnership: general
- 21Paragraph 21
- Transfer of chargeable interest from a partnership: sum of the lower proportions
- 22Paragraph 22
- Relevant owner
- 23Paragraph 23
- Corresponding partner
- 24Paragraph 24
- Proportion of chargeable interest attributable to corresponding partner
- 25Paragraph 25
- Partnership share attributable to corresponding partner: effective date of transfer before 20 October 2003
- 26Paragraph 26
- Partnership share attributable to corresponding partner: effective date of transfer on or after 20 October 2003
- 27Paragraph 27
- Part 6: OTHER PARTNERSHIP TRANSACTIONS
- Introduction
- 28Paragraph 28
- Transfer of chargeable interest from a partnership to a partnership
- 29Paragraph 29
- Transfer of chargeable interest from a partnership consisting wholly of bodies corporate
- 30Paragraph 30
- Part 7: APPLICATION OF PARTS 5 AND 6 IN RELATION TO LEASES
- Transfer of chargeable interest to or from a partnership: chargeable consideration including rent
- 31Paragraph 31
- Part 8: TRANSFERS INVOLVING PROPERTY-INVESTMENT PARTNERSHIPS
- Introduction
- 32Paragraph 32
- Meaning of property investment partnerships
- 33Paragraph 33
- Transfer of interest in property-investment partnership
- 34Paragraph 34
- Exclusion of market rent leases
- 35Paragraph 35
- Election by property-investment partnership to disapply paragraph 13
- 36Paragraph 36
- Partnership interests: application of provisions about exchange
- 37Paragraph 37
- Part 9: APPLICATION OF EXEMPTIONS, RELIEFS, PROVISIONS OF TCMA AND NOTIFICATION PROVISIONS
- Introduction
- 38Paragraph 38
- Application of exemptions and reliefs
- 39Paragraph 39
- Application of group relief
- 40Paragraph 40
- Sum of the lower portions: connected company
- 41Paragraph 41
- Application of charities relief
- 42Paragraph 42
- Modifications of TCMA in relation to partnerships
- 43Paragraph 43
- Notification of transfer of partnership interest
- 44Paragraph 44
- Part 10: INTERPRETATION
- Partnership property and partnership share
- 45Paragraph 45
- Transfer of a chargeable interest
- 46Paragraph 46
- Transfer of chargeable interest to a partnership
- 47Paragraph 47
- Transfer of interest in a partnership
- 48Paragraph 48
- Transfer of a chargeable interest from a partnership
- 49Paragraph 49
- Market value of leases
- 50Paragraph 50
- Connected persons
- 51Paragraph 51
- Arrangements
- 52Paragraph 52
- Schedule 8: TRUSTS
- Overview
- 1Paragraph 1
- Key terms
- 2Paragraph 2
- Bare trusts
- 3Paragraph 3
- Acquisition by trustees of settlement
- 4Paragraph 4
- Consideration for exercise of power of appointment or discretion
- 5Paragraph 5
- Reallocation of trust property as between beneficiaries
- 6Paragraph 6
- Responsibility of trustees of settlement
- 7Paragraph 7
- Relevant trustees for purposes of return etc.
- 8Paragraph 8
- Relevant trustees: enquiries and assessments
- 9Paragraph 9
- Relevant trustees: appeals and reviews
- 10Paragraph 10
- Interests of beneficiaries under certain trusts
- 11Paragraph 11
- Schedule 9: SALE AND LEASEBACK RELIEF
- The relief
- 1Paragraph 1
- Sale and leaseback arrangements
- 2Paragraph 2
- Qualifying conditions
- 3Paragraph 3
- Schedule 10: ALTERNATIVE PROPERTY FINANCE RELIEFS
- Part 1: INTRODUCTORY
- Overview
- 1Paragraph 1
- Part 2: THE RELIEFS
- Land sold to financial institution and leased to a person
- 2Paragraph 2
- Land sold to financial institution and re-sold to a person
- 3Paragraph 3
- References to P where P is an individual who has died
- 4Paragraph 4
- Part 3: CIRCUMSTANCES WHERE ARRANGEMENTS NOT RELIEVED
- No relief where group relief, acquisition relief or reconstruction relief available on first transaction
- 5Paragraph 5
- Land sold to financial institution and leased to a person: arrangements to transfer control of institution
- 6Paragraph 6
- Part 4: EXEMPT INTEREST
- Interest held by financial institution an exempt interest
- 7Paragraph 7
- Part 5: INTERPRETATION
- Meaning of ““financial institution””
- 8Paragraph 8
- Meaning of ““arrangements””
- 9Paragraph 9
- Schedule 11: RELIEF FOR ALTERNATIVE FINANCE INVESTMENT BONDS
- Part 1: INTRODUCTORY
- Overview
- 1Paragraph 1
- Interpretation
- 2Paragraph 2
- Part 2: ISSUE, TRANSFER AND REDEMPTION OF RIGHTS UNDER BOND NOT TO BE TREATED AS CHARGEABLE TRANSACTION
- Bond-holder not to be treated as having an interest in the bond assets
- 3Paragraph 3
- Bond-holder treated as having an interest if control of underlying asset acquired
- 4Paragraph 4
- Part 3: CONDITIONS FOR OPERATION OF RELIEFS ETC.
- Introduction
- 5Paragraph 5
- Condition 1
- 6Paragraph 6
- Condition 2
- 7Paragraph 7
- Condition 3
- 8Paragraph 8
- Condition 4
- 9Paragraph 9
- Condition 5
- 10Paragraph 10
- Condition 6
- 11Paragraph 11
- Condition 7
- 12Paragraph 12
- Part 4: RELIEF FOR CERTAIN TRANSACTIONS
- Relief for the first transaction
- 13Paragraph 13
- Withdrawal of relief for the first transaction
- 14Paragraph 14
- Relief for the second transaction
- 15Paragraph 15
- Discharge of charge when conditions for relief met
- 16Paragraph 16
- Relief not available where bond-holder acquires control of underlying asset
- 17Paragraph 17
- Part 5: SUPPLEMENTARY
- Replacement of asset
- 18Paragraph 18
- WRA to notify Registrar of discharge of charge
- 19Paragraph 19
- Schedule 12: RELIEF FOR INCORPORATION OF LIMITED LIABILITY PARTNERSHIP
- The relief
- 1Paragraph 1
- Condition A
- 2Paragraph 2
- Condition B
- 3Paragraph 3
- Condition C
- 4Paragraph 4
- Interpretation
- 5Paragraph 5
- Schedule 13: RELIEF FOR ACQUISITIONS INVOLVING MULTIPLE DWELLINGS
- Overview
- 1Paragraph 1
- 2Paragraph 2
- Transactions to which this Schedule applies
- 3Paragraph 3
- Key terms
- 4Paragraph 4
- The amount of tax chargeable
- 5Paragraph 5
- Determining the tax related to the consideration attributable to dwellings
- 6Paragraph 6
- Determining the tax related to the remaining consideration
- 7Paragraph 7
- Circumstances in which subsidiary dwellings do not count as separate dwellings
- 7AParagraph 7A
- Certain buildings not yet constructed or adapted to count as a dwelling
- 8Paragraph 8
- Schedule 14: RELIEF FOR CERTAIN ACQUISITIONS OF DWELLINGS
- Part 1: INTRODUCTORY
- Overview
- 1Paragraph 1
- Part 2: RELIEF FOR CERTAIN ACQUISITIONS OF DWELLINGS
- Acquisition by housebuilder from individual acquiring new dwelling
- 2Paragraph 2
- Acquisition by property trader from individual acquiring new dwelling
- 3Paragraph 3
- Acquisition by property trader from individual where chain of transactions breaks down
- 4Paragraph 4
- Relief for acquisition by property trader from personal representatives
- 5Paragraph 5
- Acquisition by property trader in case of relocation of employment
- 6Paragraph 6
- Acquisition by employer in case of relocation of employment
- 7Paragraph 7
- Withdrawal of reliefs available to property traders
- 8Paragraph 8
- Interpretation
- 9Paragraph 9
- Part 3: RELIEF FOR PERSONS EXERCISING COLLECTIVE RIGHTS
- Relief for transactions entered into by persons exercising collective rights
- 10Paragraph 10
- Schedule 15: RELIEF FOR CERTAIN TRANSACTIONS RELATING TO SOCIAL HOUSING
- Part 1: INTRODUCTORY
- Overview
- 1Paragraph 1
- Part 2: Public Sector Discount Relief
- Relief for public sector discount transactions
- 2Paragraph 2
- Part 3: SHARED OWNERSHIP LEASES
- Shared ownership lease: election for market value treatment
- 3Paragraph 3
- Shared ownership lease: transfer of reversion where election made for market value treatment
- 4Paragraph 4
- Shared ownership lease: election for market value treatment of premium where staircasing allowed
- 5Paragraph 5
- Shared ownership lease: staircasing transactions
- 6Paragraph 6
- Shared ownership lease: grant not linked with staircasing transactions etc.
- 7Paragraph 7
- Rent to shared ownership lease: charge to tax
- 8Paragraph 8
- Shared ownership leases: interpretation
- 9Paragraph 9
- Part 4: SHARED OWNERSHIP TRUSTS
- Shared ownership trusts: meaning of shared ownership trust and other key terms
- 10Paragraph 10
- Shared ownership trust: the buyer
- 11Paragraph 11
- Shared ownership trust: election for market value treatment
- 12Paragraph 12
- Shared ownership trust transfer upon termination
- 13Paragraph 13
- Shared ownership trust: staircasing transactions
- 14Paragraph 14
- Shared ownership trust: treatment of additional payments where no election made
- 15Paragraph 15
- Shared ownership trust: declaration not linked with staircasing etc.
- 16Paragraph 16
- Rent to shared ownership trust: charge to tax
- 17Paragraph 17
- Part 5: RENT TO MORTGAGE
- Rent to mortgage: chargeable consideration
- 18Paragraph 18 Repealed
- Part 6: RELIEF FOR CERTAIN ACQUISITIONS BY REGISTERED SOCIAL LANDLORDS
- Relief for certain acquisitions by registered social landlords
- 19Paragraph 19
- Schedule 16: GROUP RELIEF
- Part 1: INTRODUCTORY
- Overview
- 1Paragraph 1
- Part 2: THE RELIEF
- Group relief
- 2Paragraph 2
- Group relief: interpretation
- 3Paragraph 3
- Part 3: RESTRICTIONS ON AVAILABILITY OF RELIEF
- Restrictions on availability of group relief
- 4Paragraph 4
- Certain arrangements not within paragraph 4: joint venture companies
- 5Paragraph 5
- Certain mortgage arrangements not within paragraph 4
- 6Paragraph 6
- Part 4: WITHDRAWAL OF RELIEF
- Interpretation: relieved transaction
- 7Paragraph 7
- Withdrawal of group relief
- 8Paragraph 8
- Cases in which group relief not withdrawn
- 9Paragraph 9
- Group relief not withdrawn where seller leaves group
- 10Paragraph 10
- Group relief not withdrawn as a result of certain transfers of business etc. by mutual societies
- 11Paragraph 11
- Withdrawal of group relief in certain cases involving successive transactions
- 12Paragraph 12
- Part 5: RECOVERY OF RELIEF FROM CERTAIN PERSONS
- Recovery of group relief from another group company or controlling director
- 13Paragraph 13
- Recovery of group relief: supplementary
- 14Paragraph 14
- Schedule 17: RECONSTRUCTION AND ACQUISITION RELIEFS
- Part 1: INTRODUCTORY
- Overview
- 1Paragraph 1
- Part 2: RECONSTRUCTION RELIEF
- Reconstruction relief
- 2Paragraph 2
- Part 3: ACQUISITION RELIEF
- Acquisition relief
- 3Paragraph 3
- Part 4: WITHDRAWAL OF RECONSTRUCTION OR ACQUISITION RELIEF
- Interpretation
- 4Paragraph 4
- Withdrawal of reconstruction or acquisition relief
- 5Paragraph 5
- Cases in which reconstruction or acquisition relief not withdrawn
- 6Paragraph 6
- Withdrawal of reconstruction or acquisition relief on subsequent non-exempt transfer
- 7Paragraph 7
- Part 5: RECOVERY OF RECONSTRUCTION OR ACQUISITION RELIEF
- Recovery of reconstruction or acquisition relief from another group company or controlling director
- 8Paragraph 8
- Recovery of reconstruction or acquisition relief: supplementary
- 9Paragraph 9
- Schedule 18: CHARITIES RELIEF
- Overview
- 1Paragraph 1
- Key terms
- 2Paragraph 2
- Meaning of “charity”
- 2AParagraph 2A
- Meaning of “charity”: jurisdiction condition
- 2BParagraph 2B
- Meaning of “charity”: registration condition
- 2CParagraph 2C
- Meaning of “charity”: management condition
- 2DParagraph 2D
- The relief
- 3Paragraph 3
- Withdrawal of charities relief
- 4Paragraph 4
- Charity not a qualifying charity
- 5Paragraph 5
- Joint purchase by qualifying charity and another person: partial relief
- 6Paragraph 6
- Withdrawal of partial relief
- 7Paragraph 7
- Partial relief: charity not a qualifying charity
- 8Paragraph 8
- Application of this Schedule to certain trusts
- 9Paragraph 9
- Schedule 19: OPEN-ENDED INVESTMENT COMPANY RELIEFS
- Relief from land transaction tax: conversion of an authorised unit trust to an open-ended investment company
- 1Paragraph 1
- Relief from land transaction tax: amalgamation of an authorised unit trust with an open-ended investment company
- 2Paragraph 2
- Interpretation
- 3Paragraph 3
- Schedule 20: RELIEF FOR ACQUISITIONS BY PUBLIC BODIES AND HEALTH BODIES
- Relief for certain acquisitions involving public bodies
- 1Paragraph 1
- Relief for acquisitions by certain health service bodies
- 2Paragraph 2
- Schedule 21: COMPULSORY PURCHASE RELIEF AND PLANNING OBLIGATIONS RELIEF
- Relief for compulsory purchase facilitating development
- 1Paragraph 1
- Relief for compliance with planning obligations
- 2Paragraph 2
- Schedule 21A: RELIEF FOR SPECIAL TAX SITES
- Part 1: Key terms
- Meaning of transaction land
- 1Paragraph 1
- Meaning of special tax site
- 2Paragraph 2
- Meaning of qualifying land
- 3Paragraph 3
- Meaning of qualifying manner
- 4Paragraph 4
- Part 2: The Relief
- Meaning of relief period
- 5Paragraph 5
- Full relief
- 6Paragraph 6
- Partial relief
- 7Paragraph 7
- Attributing chargeable consideration to land
- 8Paragraph 8
- Contract completed by transfer after the end of the relief period
- 9Paragraph 9
- Part 3: Withdrawal of relief
- Withdrawal of relief
- 10Paragraph 10
- The control period
- 11Paragraph 11
- Disposal of interest in part of qualifying land during control period
- 12Paragraph 12
- Part 4: ALTERNATIVE FINANCE ARRANGEMENT
- Alternative Property Finance
- 13Paragraph 13
- Schedule 22: MISCELLANEOUS RELIEFS
- Lighthouses reliefs
- 1Paragraph 1
- 2Paragraph 2
- Visiting forces and international military headquarters reliefs
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- Relief for property accepted in satisfaction of tax
- 6Paragraph 6
- Trunk roads relief
- 7Paragraph 7
- Relief for acquisitions by bodies established for national purposes
- 8Paragraph 8
- Relief for acquisitions in consequence of reorganisation of parliamentary constituencies
- 9Paragraph 9
- Building societies relief
- 10Paragraph 10
- Friendly societies relief
- 11Paragraph 11
- Co-operative and community benefit society and credit union relief
- 12Paragraph 12
- Schedule 23: AMENDMENTS TO THE TAX COLLECTION AND MANAGEMENT (WALES) ACT 2016
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- 20Paragraph 20
- 21Paragraph 21
- 22Paragraph 22
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- 28Paragraph 28
- 29Paragraph 29
- 30Paragraph 30
- 31Paragraph 31
- 32Paragraph 32
- 33Paragraph 33
- 34Paragraph 34
- 35Paragraph 35
- 36Paragraph 36
- 37Paragraph 37
- 38Paragraph 38
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- 40Paragraph 40
- 41Paragraph 41
- 42Paragraph 42
- 43Paragraph 43
- 44Paragraph 44
- 45Paragraph 45
- 46Paragraph 46
- 47Paragraph 47
- 48Paragraph 48
- 49Paragraph 49
- 50Paragraph 50
- 51Paragraph 51
- 52Paragraph 52
- 53Paragraph 53
- 54Paragraph 54
- 55Paragraph 55
- 56Paragraph 56
- 57Paragraph 57
- 58Paragraph 58
- 59Paragraph 59
- 60Paragraph 60
- 61Paragraph 61
- 62Paragraph 62
- 63Paragraph 63
- 64Paragraph 64
- 65Paragraph 65
- 66Paragraph 66
- 67Paragraph 67
- 68Paragraph 68
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- 70Paragraph 70
- 71Paragraph 71