SCHEDULE 6 Leases | Part 4 | Agreements For Lease, Assignments And Variations | Land Transaction Tax And Anti Avoidance Of Devolved Taxes Wales Act 2017 Anaw1

Part 4 Agreements for Lease, Assignments and Variations

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

Part 4 Agreements for Lease, Assignments and Variations

Agreement for lease

(1) Where—

(a) an agreement for a lease is entered into, and

(b) the agreement is substantially performed without having been completed,

the agreement is treated for the purposes of this Act as if it were the grant of a lease in accordance with the agreement (“the notional lease”), beginning with the date of substantial performance.

(2) The effective date of the transaction is the date of substantial performance of the agreement.

(3) For the purposes of this paragraph the agreement is completed by the grant of a lease (“the actual lease”) in substantial conformity with the agreement.

(4) Where the actual lease is subsequently granted the notional lease is treated for the purposes of this Act as if it were a lease granted—

(a) on the date of substantial performance of the agreement,

(b) for a term beginning with that date and ending at the end of the term of the actual lease, and

(c) in consideration of the total rent payable over that term and any other consideration given for the agreement or the actual lease.

(5) Where sub-paragraph (4) applies