Part 8 Transfers Involving Property-Investment Partnerships
Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (2017 anaw 1) | Legislation

Part 8 Transfers Involving Property-Investment Partnerships

Introduction

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This Part of this Schedule makes provision—

(a)     about certain transactions involving the transfer of an interest in a property-investment partnership, and

(b)     for a property investment partnership to elect to disapply paragraph 13 in relation to certain land transactions.

Meaning of property investment partnerships

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(1)     In this Schedule, a “property-investment partnership” is a partnership whose sole or main activity is investing or dealing in chargeable interests (whether or not that activity involves the carrying out of construction operations on the land in question).

(2)     In sub-paragraph (1), “construction operations” has the same meaning as in Chapter 3 of Part 3 of the Finance Act 2004 (c 12)(see section 74 of that Act).

(3)     For the purposes of sub-paragraph (1), “chargeable interests” includes any interest which would be a chargeable interest but for the fact that it relates to land outside Wales.

Transfer of interest in property-investment partnership

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(1)     This paragraph applies where—

(a)     there is a transfer of an interest in a property-investment partnership, and

(b)     the relevant partnership property includes a chargeable interest.

(2)     For the purposes of this Act, the transfer—

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