# Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017, Paragraph 20


(1) A chargeable transaction is a higher rates residential property transaction if—
(a) the buyer is not an individual,
(b) the main subject-matter of the transaction consists of a major interest in a dwelling (““the purchased dwelling””), and
(c) the chargeable consideration for the dwelling is £40,000 or more.
(1A) Sub-paragraph (1) applies subject to the exceptions in—
(a) sub-paragraph (2), and
(b) paragraph 20A (subsequent disposal to local authorities exception).
(2) ... A transaction is not a higher rates residential property transaction under sub-paragraph (1) if at the end of the day that is the effective date of the transaction—
(a) the purchased dwelling is subject to a lease,
(b) the main subject-matter of the transaction is reversionary on that lease, and
(c) the lease meets the conditions set out in sub-paragraph (3).
(3) The conditions are that—
(a) the lease is not held by a person connected with the buyer, and
(b) the lease has an unexpired term of more than 21 years.

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Source: https://www.legislation.gov.uk/anaw/2017/1/schedule/5/paragraph/20 (the official version)
Page: https://openlegislation.uk/land-transaction-tax-and-anti-avoidance-of-devolved-taxes-wales-act-2017/schedule-5/paragraph-20
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.