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

Part 4 Withdrawal of Relief

Interpretation: relieved transaction

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In this Part of this Schedule, a transaction that is relieved from tax by virtue of paragraph 2 (group relief) is referred to as a “relieved transaction”.

Withdrawal of group relief

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(1)     Where sub-paragraph (2) applies, group relief in relation to a relieved transaction, or an appropriate proportion of it, is withdrawn and tax is chargeable in accordance with this paragraph.

(2)     This sub-paragraph applies where, in the case of a relieved transaction—

(a)     the buyer ceases to be a member of the same group as the seller—

(i)     before the end of the period of 3 years beginning with the effective date of the transaction, or

(ii)     in pursuance of, or in connection with, arrangements made before the end of that period, and

(b)     at the time the buyer ceases to be a member of the same group as the seller (“the relevant time”), it or a relevant associated company holds a chargeable interest—

(i)     that was acquired by the buyer in the relieved transaction, or

(ii)     that is derived from an interest so acquired,

and that has not subsequently been acquired at market

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