SCHEDULE 5 Higher Rates Residential Property Transactions | Part 3 | Buyer Is An Individual: Multiple Dwelling Transactions | Land Transaction Tax And Anti Avoidance Of Devolved Taxes Wales Act 2017 Anaw1

Part 3 Buyer is an Individual: Multiple Dwelling Transactions

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

Part 3 Buyer is an Individual: Multiple Dwelling Transactions

Introductory

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 multiple dwellings where the buyer is an individual.

Higher rates residential property transaction

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

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

(b) paragraph 13 or 15 applies.

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

(a) the buyer is an individual, and

(b) the main subject-matter of the transaction consists of a major interest in two or more dwellings (“the purchased dwellings”).

(3) In this Part of this Schedule, “purchased dwellings” has the meaning given by sub-paragraph (2)(b).

(4) Where paragraph 18 applies, an intermediate transaction (within the meaning given by that paragraph) is to be treated as a higher rates residential property transaction.

(5) A transaction within section 72(9) is not a higher rates residential property transaction save where Schedule 13 applies (see in particular paragraph 6(6) of that Schedule).

Two or more buyers

Where