Part 2 Buyer is an Individual: Single Dwelling Transactions
Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (2017 anaw 1) | Legislation

Part 2 Buyer is an Individual: Single Dwelling Transactions

Introductory

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This Part sets out when a chargeable transaction is a “higher rates residential property transaction” for the purpose of regulations under section 24(1)(b) in the case of a transaction involving a dwelling where the buyer is an individual.

Higher rates residential property transactions

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(1)     A chargeable transaction is a higher rates residential property transaction if—

(a)     it falls within sub-paragraph (2), and

(b)     paragraph 5 applies.

(2)     A transaction falls within this sub-paragraph if—

(a)     the buyer is 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 transaction is £40,000 or more.

(3)     But a transaction does not fall within sub-paragraph (2) 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 (4).

(4)     The conditions are that—

(a)     the lease is not held by a

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