Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017

Contents

4,459 provisions, too many to show on one page. Open a part or section to read it with its history and connections, or search inside the text.

1. Part 1 · Overview
   1. 1 Overview of Act
2. Part 2 · The tax and key concepts
   1. Chapter 1 Land transaction tax
   2. Chapter 2 Land transactions
   3. Chapter 3 Particular transactions
   4. Chapter 4 Chargeable transactions and chargeable consideration
3. Part 3 · Calculation of tax and reliefs
   1. Reliefs
   2. Calculation of tax
4. Part 4 · Leases
   1. 32 Leases
5. Part 5 · Application of act and tcma to certain persons and bodies
   1. 33 Companies
   2. 34 Unit trust schemes
   3. 35 Open-ended investment companies
   4. 36 Co-ownership authorised contractual schemes
   5. 37 Joint buyers: general rules
   6. 38 Joint buyers: returns and declarations
   7. 39 Joint buyers: enquiries and assessments
   8. 40 Joint buyers: appeals and reviews
   9. 41 Partnerships
   10. 42 Trusts
   11. 43 Persons acting in a representative capacity
6. Part 6 · Returns and payments
   1. Chapter 1 Returns
   2. Chapter 2 Liability for and payment of tax
   3. Chapter 3 Deferral of tax
   4. Chapter 4 Registration of land transactions
7. Part 7 · General anti-avoidance rule
   1. 66 General anti-avoidance rule
8. Part 8 · Interpretation and final provisions
   1. Interpretation
   2. Amendments to the Tax Collection and Management (Wales) Act 2016
   3. Final provisions
   4. Independent review
9. Schedule 1 · Overview of schedules
10. Schedule 2 · Pre-completion transactions
    1. Part 1 Introduction and key concepts
    2. Part 2 Pre-completion transactions which are assignments of rights
    3. Part 3 Pre-completion transactions which are free-standing transfers
    4. Part 4 The minimum consideration rule
    5. Part 5 Reliefs
    6. Part 6 Interpretation and index
11. Schedule 3 · Transactions exempt from charge
    1. No chargeable consideration
    2. Acquisitions by the Crown
    3. Transactions in connection with divorce etc.
    4. Transactions in connection with dissolution of civil partnership etc.
    5. Assents and appropriations by personal representatives
    6. Variation of testamentary dispositions etc.
    7. Power to add, remove or vary exemptions
12. Schedule 4 · Chargeable consideration
    1. Money or money's worth
    2. Value added tax
    3. Postponed consideration
    4. Just and reasonable apportionment
    5. Exchanges
    6. Partition etc.: disregard of existing interest
    7. Valuation of non-monetary consideration
    8. Debt as consideration
    9. Cases where conditions for exemption not fully met
    10. Conversion of amounts in foreign currency
    11. Carrying out of works
    12. Provision of services
    13. Land transaction entered into by reason of employment
    14. Indemnity given by buyer
    15. Buyer bearing inheritance tax liability
    16. Buyer bearing capital gains tax liability
    17. Costs of enfranchisement
    18. Arrangements involving public or educational bodies
13. Schedule 5 · Higher rates residential property transactions
    1. Part 1 Introductory
    2. Part 2 Buyer is an individual: single dwelling transactions
    3. Part 3 Buyer is an individual: multiple dwelling transactions
    4. Part 4 Buyer is not an individual
    5. Part 5 Supplementary provisions
    6. Part 6 Interpretation
14. Schedule 6 · Leases
    1. Part 1 Introductory
    2. Part 2 Duration of lease and treatment of overlapping leases
    3. Part 3 Rent and other consideration
    4. Part 4 Agreements for lease, assignments and variations
    5. Part 5 Calculation of tax chargeable
15. Schedule 7 · Partnerships
    1. Part 1 Introductory
    2. Part 2 General provisions
    3. Part 3 Ordinary partnership transactions
    4. Part 4 Transactions involving transfers to a partnership
    5. Part 5 Transactions involving transfers from a partnership
    6. Part 6 Other partnership transactions
    7. Part 7 Application of parts 5 and 6 in relation to leases
    8. Part 8 Transfers involving property-investment partnerships
    9. Part 9 Application of exemptions, reliefs, provisions of tcma and notification provisions
    10. Part 10 Interpretation
16. Schedule 8 · Trusts
    1. Overview
    2. Key terms
    3. Bare trusts
    4. Acquisition by trustees of settlement
    5. Consideration for exercise of power of appointment or discretion
    6. Reallocation of trust property as between beneficiaries
    7. Responsibility of trustees of settlement
    8. Relevant trustees for purposes of return etc.
    9. Relevant trustees: enquiries and assessments
    10. Relevant trustees: appeals and reviews
    11. Interests of beneficiaries under certain trusts
17. Schedule 9 · Sale and leaseback relief
    1. The relief
    2. Sale and leaseback arrangements
    3. Qualifying conditions
18. Schedule 10 · Alternative property finance reliefs
    1. Part 1 Introductory
    2. Part 2 The reliefs
    3. Part 3 Circumstances where arrangements not relieved
    4. Part 4 Exempt interest
    5. Part 5 Interpretation
19. Schedule 11 · Relief for alternative finance investment bonds
    1. Part 1 Introductory
    2. Part 2 Issue, transfer and redemption of rights under bond not to be treated as chargeable transaction
    3. Part 3 Conditions for operation of reliefs etc.
    4. Part 4 Relief for certain transactions
    5. Part 5 Supplementary
20. Schedule 12 · Relief for incorporation of limited liability partnership
    1. The relief
    2. Condition A
    3. Condition B
    4. Condition C
    5. Interpretation
21. Schedule 13 · Relief for acquisitions involving multiple dwellings
    1. Overview
    2. Transactions to which this Schedule applies
    3. Key terms
    4. The amount of tax chargeable
    5. Determining the tax related to the consideration attributable to dwellings
    6. Determining the tax related to the remaining consideration
    7. Circumstances in which subsidiary dwellings do not count as separate dwellings
    8. Certain buildings not yet constructed or adapted to count as a dwelling
22. Schedule 14 · Relief for certain acquisitions of dwellings
    1. Part 1 Introductory
    2. Part 2 Relief for certain acquisitions of dwellings
    3. Part 3 Relief for persons exercising collective rights
23. Schedule 15 · Relief for certain transactions relating to social housing
    1. Part 1 Introductory
    2. Part 2 Public Sector Discount Relief
    3. Part 3 Shared ownership leases
    4. Part 4 Shared ownership trusts
    5. Part 5 Rent to mortgage
    6. Part 6 Relief for certain acquisitions by registered social landlords
24. Schedule 16 · Group relief
    1. Part 1 Introductory
    2. Part 2 The relief
    3. Part 3 Restrictions on availability of relief
    4. Part 4 Withdrawal of relief
    5. Part 5 Recovery of relief from certain persons
25. Schedule 17 · Reconstruction and acquisition reliefs
    1. Part 1 Introductory
    2. Part 2 Reconstruction relief
    3. Part 3 Acquisition relief
    4. Part 4 Withdrawal of reconstruction or acquisition relief
    5. Part 5 Recovery of reconstruction or acquisition relief
26. Schedule 18 · Charities relief
    1. Overview
    2. Key terms
    3. Meaning of “charity”
    4. Meaning of “charity”: jurisdiction condition
    5. Meaning of “charity”: registration condition
    6. Meaning of “charity”: management condition
    7. The relief
    8. Withdrawal of charities relief
    9. Charity not a qualifying charity
    10. Joint purchase by qualifying charity and another person: partial relief
    11. Withdrawal of partial relief
    12. Partial relief: charity not a qualifying charity
    13. Application of this Schedule to certain trusts
27. Schedule 19 · Open-ended investment company reliefs
    1. Relief from land transaction tax: conversion of an authorised unit trust to an open-ended investment company
    2. Relief from land transaction tax: amalgamation of an authorised unit trust with an open-ended investment company
    3. Interpretation
28. Schedule 20 · Relief for acquisitions by public bodies and health bodies
    1. Relief for certain acquisitions involving public bodies
    2. Relief for acquisitions by certain health service bodies
29. Schedule 21 · Compulsory purchase relief and planning obligations relief
    1. Relief for compulsory purchase facilitating development
    2. Relief for compliance with planning obligations
30. Schedule 21A · Relief for special tax sites
    1. Part 1 Key terms
    2. Part 2 The Relief
    3. Part 3 Withdrawal of relief
    4. Part 4 Alternative finance arrangement
31. Schedule 22 · Miscellaneous reliefs
    1. Lighthouses reliefs
    2. Visiting forces and international military headquarters reliefs
    3. Relief for property accepted in satisfaction of tax
    4. Trunk roads relief
    5. Relief for acquisitions by bodies established for national purposes
    6. Relief for acquisitions in consequence of reorganisation of parliamentary constituencies
    7. Building societies relief
    8. Friendly societies relief
    9. Co-operative and community benefit society and credit union relief
32. Schedule 23 · Amendments to the tax collection and management (wales) act 2016
    1. (1) TCMA is amended as follows.
    2. (2) In section 1 (overview of Act), after paragraph (b) insert—...
    3. (3) In the Welsh text, in section 37 (overview of Part),...
    4. (4) In Chapter 2 of Part 3, in the chapter heading...
    5. (5) In section 38 (duty to keep and preserve records)—
    6. (6) After section 38 insert— Duty to keep and preserve records:...
    7. (7) In section 39 (preservation of information etc.), after ““38”” insert...
    8. (8) After section 39 insert— Power to make regulations about records...
    9. (9) In section 40 (meaning of filing date), for ““this Act””...
    10. (10) In section 41 (amendment of tax return by taxpayer), for...
    11. (11) In section 42 (correction of tax return by WRA)—
    12. (12) In section 43 (notice of enquiry)— (a) in subsection (1),...
    13. (13) In section 45 (amendment of tax return during enquiry to...
    14. (14) After section 45 insert— Amendment of tax return by taxpayer...
    15. (15) In section 50 (completion of enquiry), in subsection (4), for...
    16. (16) In section 52 (determination of tax chargeable if no tax...
    17. (17) In the Welsh text, in section 54 (assessment where loss...
    18. (18) In section 58 (conditions for making WRA assessments)—
    19. (19) In section 59 (time limits for WRA assessments), in subsection...
    20. (20) In section 61 (assessment procedure), omit subsection (3).
    21. (21) In the Welsh text, in the heading to Chapter 7...
    22. (22) In the Welsh text, in section 62 (claims for relief...
    23. (23) In section 63 (claims for relief for overpaid tax etc.)—...
    24. (24) After section 63 insert— Claim for relief in respect of...
    25. (25) (1) In section 64 (disallowing claims for relief due to...
    26. (26) In the Welsh text, in section 65 (unjustified enrichment: further...
    27. (27) In section 66 (unjustified enrichment: reimbursement arrangements)—
    28. (28) In section 67 (cases in which WRA need not give...
    29. (29) In section 68 (making claims)— (a) in subsection (1), for...
    30. (30) In section 69 (duty to keep and preserve records), in...
    31. (31) In section 71 (amendment of claim by claimant), in subsection...
    32. (32) In the Welsh text, in section 73 (giving effect to...
    33. (33) In the Welsh text, in section 77 (giving effect to...
    34. (34) In section 81 (contract settlements)— (a) after subsection (1) insert—...
    35. (35) In section 90 (requiring information and documents in relation to...
    36. (36) In section 95 (complying with an information notice), in subsection...
    37. (37) In the Welsh text, in section 100 (taxpayer notices following...
    38. (38) In section 116(1) (no review or appeal of tribunal approvals),...
    39. (39) In section 118 (penalty for failure to make tax return...
    40. (40) In section 119 (penalty for failure to make tax return...
    41. (41) In section 120 (penalty for failure to make tax return...
    42. (42) For section 122 substitute— Penalty for failure to pay tax...
    43. (43) Omit sections 123 and 124.
    44. (44) In section 125 (special reduction in penalty), after subsection (2)...
    45. (45) In section 126 (reasonable excuse for failure to make tax...
    46. (46) In section 127 (assessment of penalties)— (a) in subsection (5),...
    47. (47) In section 128 (time limit for assessment of penalties under...
    48. (48) In section 130 (amount of penalty for inaccuracy in document...
    49. (49) In section 132 (penalty for deliberate inaccuracy in document given...
    50. (50) In section 133 (penalty for failure to notify under-assessment or...
    51. (51) In section 141 (assessment of penalties under Chapter 3), in...
    52. (52) In the Welsh text, in section 142 (interpretation of Chapter...
    53. (53) In section 143 (penalty for failure to keep and preserve...
    54. (54) In section 144 (reasonable excuse for failure to keep and...
    55. (55) In section 145 (assessment of penalties under section 143), in...
    56. (56) After section 154 (payment of penalties) insert— Liability of personal...
    57. (57) Omit the italic cross-heading immediately preceding section 157.
    58. (58) For sections 157 and 158 substitute— Late payment interest on...
    59. (59) Omit section 159 (late payment interest start date: amendments to...
    60. (60) In section 169 (proceedings in magistrates' court), after subsection (5)...
    61. (61) In section 170(1) (enforcement by taking control of goods), for...
    62. (62) In section 172(2) (list of appealable decisions), after paragraph (e)...
    63. (63) After section 181 insert— CHAPTER 3A PAYMENT AND RECOVERY OF...
    64. (64) In section 182 (payment of penalties in the event of...
    65. (65) After section 183 insert— Suspension of repayment pending further appeal...
    66. (66) Before section 188 (power to make consequential provision etc.) insert—...
    67. (67) In section 189 (regulations), in subsection (2), after ““18(2)”” insert...
    68. (68) In section 190 (issue of notices by WRA)—
    69. (69) In section 191 (giving notices and other documents to WRA)—...
    70. (70) In section 192(2) (interpretation), in the appropriate places, insert— “"buyer””...
    71. (71) In section 193 (index of defined expressions), in Table 1,...