Part 2 The Reliefs
Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (2017 anaw 1) | Legislation

Part 2 The Reliefs

Land sold to financial institution and leased to a person

2

(1)     This paragraph applies where arrangements are entered into between a person (“P”) and a financial institution under which—

(a)     the institution purchases a major interest in land or an undivided share of a major interest in land (“the first transaction”),

(b)     where the interest purchased is an undivided share, the major interest is held on trust for the institution and P as beneficial tenants in common,

(c)     the institution (or the person holding the land on trust as mentioned in paragraph (b)) grants to P out of the major interest a lease (if the major interest is freehold) or a sub-lease (if the major interest is leasehold) (“the second transaction”), and

(d)     the institution and P enter into an agreement under which P has a right to require the institution or its successor in title to transfer to P (in one transaction or a series of transactions) the whole

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