Part 4 Relief for Certain Transactions
Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (2017 anaw 1) | Legislation

Part 4 Relief for Certain Transactions

Relief for the first transaction

13

(1)     The first transaction is relieved from tax if each of conditions 1 to 3 is met before the end of the period of 30 days beginning with the effective date of that transaction.

(2)     Where the qualifying interest in land is replaced as the bond asset by an interest in other land, sub-paragraph (1) is subject to paragraph 18 (replacement of asset).

(3)     Sub-paragraph (1) is also subject to paragraph 17 (no relief where bond-holder acquires control of underlying asset).

Withdrawal of relief for the first transaction

14

(1)     Relief under paragraph 13 is withdrawn if—

(a)     the qualifying interest in land is transferred by B to A without conditions 5 and 6 having been met,

(b)     the period mentioned in (or prescribed under) paragraph 12(b) expires and any one of those conditions has not been met, or

(c)     at any time it becomes apparent for any other reason that any one of conditions 5 to 7 cannot or will not be

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