Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (2017 anaw 1)

The 2017 Act seeks to establish a devolved system of land transaction tax in Wales, replacing the UK’s stamp duty land tax within the jurisdiction. It introduces measures to prevent tax avoidance in this area, aiming to ensure tax compliance and fairness. Supporting the devolution of fiscal powers to Wales, the Act increases the Welsh Government's control over its revenue streams, fostering greater self-governance and economic autonomy. The legislation includes detailed provisions concerning tax rates, exemptions, and reliefs, tailored to the specific economic and social needs of Wales, promoting local accountability and fiscal responsibility.

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Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (2017 anaw 1)

The 2017 Act seeks to establish a devolved system of land transaction tax in Wales, replacing the UK’s stamp duty land tax within the jurisdiction. It introduces measures to prevent tax avoidance in this area, aiming to ensure tax compliance and fairness. Supporting the devolution of fiscal powers to Wales, the Act increases the Welsh Government's control over its revenue streams, fostering greater self-governance and economic autonomy. The legislation includes detailed provisions concerning tax rates, exemptions, and reliefs, tailored to the specific economic and social needs of Wales, promoting local accountability and fiscal responsibility.

Quick and comprehensive access to the most accurate, up-to-date legislation.

LexisNexis traffic light system shows the status of legislation and cases so you are always using up-to-date law while historical versioning and legislative timelines lets you see exactly what has changed in legislation over time.

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Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (2017 anaw 1)

SCHEDULE 17 Partnerships

Part 1 Introductory

Part 2 Reconstruction Relief

Part 3 Acquisition Relief

Part 4 Withdrawal of Reconstruction or Acquisition Relief

Part 5 Recovery of Reconstruction or Acquisition Relief

Part 1 Overview (Ss 1-1)

1 Overview of Act

Part 2 The Tax And Key Concepts (Ss 2-23)

2 Land transaction tax

3 Land transaction

4 Chargeable interest

5 Exempt interest

6 Acquisition and disposal of chargeable interest

7 Buyer and seller

8 Linked transactions

9 Land partly in Wales and partly in England

10 Contract and transfer

11 Contract providing for transfer to third party

12 Contract providing for transfer to third party: effect of transfer of rights

13 Pre-completion transactions

14 Meaning of substantial performance

15 Options and rights of pre-emption

16 Exchanges

17 Chargeable transaction

18 Chargeable consideration

19 Contingent consideration

20 Uncertain or unascertained consideration

21 Annuities

22 Deemed market value

23 Exceptions

Part 3 Calculation Of Tax And Reliefs (Ss 24-31)

24 Regulations specifying tax bands and tax rates

25 Procedure for regulations specifying tax bands and tax rates

26 Tax bands and tax rates applicable when regulations cease to have effect

27 Amount of tax chargeable: transactions which are not linked

28 Amount of tax chargeable: linked transactions

29 Calculation provisions subject to certain provisions about reliefs

30 Reliefs

31 Reliefs: anti-avoidance

Part 4 Leases (Ss 32-32)

32 Leases

Part 5 Application Of Act And TCMA To Certain Persons And Bodies (Ss 33-43)

33 Companies

34 Unit trust schemes

35 Open-ended investment companies

36 Co-ownership authorised contractual schemes

37 Joint buyers: general rules

38 Joint buyers: returns and declarations

39 Joint buyers: enquiries and assessments

40 Joint buyers: appeals and reviews

41 Partnerships

42 Trusts

43 Persons acting in a representative capacity

Part 6 Returns And Payments (Ss 44-65)

44 Duty to make a return

45 Notifiable transactions

46 Exceptions for certain acquisitions of major interests in land

47 Contingency ceases or consideration is ascertained: duty to make return

48 Contingency ceases or consideration ascertained: repayment of tax

49 Further return where relief is withdrawn

50 Single return in respect of linked transactions with same effective date

51 Return as a result of later linked transaction

52 Power to amend period in which returns must be made

53 Declaration

54 Buyer with a disability: declaration by the Official Solicitor

55 Declaration by person authorised to act on behalf of individual

56 Liability for tax

57 Payment of tax

58 Deferral requests in cases of contingent or uncertain consideration

59 Calculation of deferrable amount

60 Deferral requests: notices of WRA decisions

61 Deferral requests: effect of WRA's decision

62 Variation of deferral requests

63 Failure to comply with WRA's agreement to defer

64 Regulations about deferral of tax

65 Registration of land transactions

Part 7 General Anti-Avoidance Rule (Ss 66-66)

66 General anti-avoidance rule

Part 8 Interpretation And Final Provisions (Ss 67-82)

67 Meaning of tax

68 Meaning of major interest in land

69 Meaning of subject-matter and main subject-matter

70 Meaning of market value

71 Meaning of effective date of transaction

72 Meaning of residential property

73 Meaning of dwelling

74 References to connected persons

75 Other definitions

76 Amendments to TCMA

77 Independent review of land transaction tax

78 Power to make consequential etc provision

79 Regulations

80 Crown application

81 Coming into force

82 Short title

SCHEDULE 1 Overview Of Schedules

SCHEDULE 2 Pre-Completion Transactions

Part 1 Introduction and Key Concepts

Part 2 Pre-Completion Transactions which are Assignments of Rights

Part 3 Pre-Completion Transactions which are Free-Standing Transfers

Part 4 The Minimum Consideration Rule

Part 5 Reliefs

Part 6 Interpretation and Index

SCHEDULE 3 Transactions Exempt From Charge

SCHEDULE 4 Chargeable Consideration

SCHEDULE 5 Higher Rates Residential Property Transactions

Part 1 Introductory

Part 2 Buyer is an Individual: Single Dwelling Transactions

Part 3 Buyer is an Individual: Multiple Dwelling Transactions

Part 4 Buyer is not an Individual

Part 5 Supplementary Provisions

Part 6 Interpretation

SCHEDULE 6 Leases

Part 1 Introductory

Part 2 Duration of Lease and Treatment of Overlapping Leases

Part 3 Rent and other Consideration

Part 4 Agreements for Lease, Assignments and Variations

Part 5 Calculation of Tax Chargeable

SCHEDULE 8 Trusts

SCHEDULE 9 Sale And Leaseback Relief

SCHEDULE 11 Relief For Alternative Finance Investment Bonds

Part 1 Introductory

Part 2 Issue, Transfer and Redemption of Rights under Bond not to be Treated as Chargeable Transaction

Part 3 Conditions for Operation of Reliefs etc

Part 4 Relief for Certain Transactions

Part 5 Supplementary

SCHEDULE 12 Relief For Incorporation Of Limited Liability Partnership

SCHEDULE 13 Relief For Acquisitions Involving Multiple Dwellings

SCHEDULE 15 Relief For Certain Transactions Relating To Social Housing

Part 1 Introductory

[Part 2 Public Sector Discount Relief]

Part 3 Shared Ownership Leases

Part 4 Shared Ownership Trusts

Part 5 Rent to Mortgage

Part 6 Relief for Certain Acquisitions by Registered Social Landlords

SCHEDULE 16 Group Relief

Part 1 Introductory

Part 2 The Relief

Part 3 Restrictions on Availability of Relief

Part 4 Withdrawal of Relief

Part 5 Recovery of Relief from Certain Persons

SCHEDULE 18 Charities Relief

SCHEDULE 19 Open-Ended Investment Company Reliefs

SCHEDULE 20 Relief For Acquisitions By Public Bodies And Health Bodies

SCHEDULE 21 Compulsory Purchase Relief And Planning Obligations Relief

[SCHEDULE 21A Relief For Special Tax Sites]

[Part 1 Key Terms]

[Part 2 The Relief]

[Part 3 Withdrawal of Relief]

[Part 4 Alternative Finance Arrangement]

SCHEDULE 22 Miscellaneous Reliefs

SCHEDULE 23 Amendments To The Tax Collection And Management (Wales) Act 2016

SCHEDULE 14 Consequential Amendments Relating To Merger And Demerger Of Public Services Boards

Part 1 Introductory

Part 2 Relief for Certain Acquisitions of Dwellings

Part 3 Relief for Persons Exercising Collective Rights

SCHEDULE 7 Regulations And Orders Made By Welsh Ministers

Part 1 Introductory

Part 2 General Provisions

Part 3 Ordinary Partnership Transactions

Part 4 Transactions Involving Transfers to a Partnership

Part 5 Transactions Involving Transfers from a Partnership

Part 6 Other Partnership Transactions

Part 7 Application of Parts 5 and 6 in Relation to Leases

Part 8 Transfers Involving Property-Investment Partnerships

Part 9 Application of Exemptions, Reliefs, Provisions of TCMA and Notification Provisions

Part 10 Interpretation

SCHEDULE 10 Orders For Possession On Discretionary Grounds Etc: Reasonableness

Part 1 Introductory

Part 2 The Reliefs

Part 3 Circumstances Where Arrangements not Relieved

Part 4 Exempt Interest

Part 5 Interpretation