Deddf Treth Trafodiadau Tir a Gwrthweithio Osgoi Trethi Datganoledig (Cymru) 2017 2017 dccc 1
Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017
2017 anaw 1
Lluniwyd Nodiadau Esboniadol yn gymorth i ddeall y Ddeddf hon ac maent ar gael ar wahân. Explanatory Notes have been produced to assist in the understanding of this Act and are available separately.
£46.39 Deddf Treth Trafodiadau Tir a Gwrthweithio Osgoi Trethi Datganoledig (Cymru) 2017 2017 dccc 1
Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017
2017 anaw 1 Land Transaction TaxTax and and Anti-avoidance Anti-avoidance of of Devolved Devolved Taxes Taxes (Wales) (Wales) Act Act 2017 2017 (anaw 1) i Deddf Treth Trafodiadau Tir a Gwrthweithio Osgoi Trethi Datganoledig (Cymru) 2017 i Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 i
Land Transaction Tax and Anti-avoidance of Land Transaction Tax and Anti-avoidance of Deddf Treth Trafodiadau Tir a Gwrthweithio Devolved Taxes (Wales) Act 2017 Osgoi Trethi Datganoledig (Cymru) 2017 Devolved Taxes (Wales) Act 2017 2017 anaw 1 CONTENTS CYNNWYS CONTENTS PART 1 PART 1 RHAN 1 OVERVIEW TROSOLWG 1 Overview of Act OVERVIEW 1 Trosolwg o’r Ddeddf 1 Overview of Act PART 2 PART 2 RHAN 2 THE TAX AND KEY CONCEPTS Y DRETH A’R PRIF GYSYNIADAU THE TAX ANDCHAPTER KEY CONCEPTS1
PENNOD 1 LAND TRANSACTIONCHAPTER 1 TAX TRETH TRAFODIADAU TIR 2 Land transaction tax LAND TRANSACTION TAX 2 Treth trafodiadau tir 2 Land transaction tax CHAPTER 2
PENNOD 2 LANDCHAPTER TRANSACTIONS 2 TRAFODIADAU TIR 3 Land transaction LAND TRANSACTIONS 3 Trafodiad tir 34 LandChargeable transaction interest 4 Buddiant trethadwy 45 ChargeableExempt interest interest 5 Buddiant esempt 56 ExemptAcquisition interest and disposal of chargeable interest 6 Caffael a gwaredu buddiant trethadwy 67 AcquisitionBuyer and seller and disposal of chargeable interest 7 Y prynwr a’r gwerthwr 78 BuyerLinked and transactions seller 8 Trafodiadau cysylltiol 89 LinkedLand partly transactions in Wales and partly in England 9 Tir sy’n rhannol yng Nghymru ac yn rhannol yn Lloegr 9 Land partly in Wales and partly in England Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw 1) ii Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 ii
CHAPTER
PARTIC LAR TRANSACTIONS ontracts and transfers eneral rovision 10 Contract and transfer ontracts and transfers artic lar cases 11 Contract providing for transfer to third party 12 Contract providing for transfer to third party effect of transfer of rights 13 Pre-completion transactions stantial erfor ance 14 eaning of substantial performance tions etc 15 Options and rights of pre-emption xc an es 16 Exchanges CHAPTER
CHAR EABLE TRANSACTIONS AND CHAR EABLE CONSIDERATION ar ea le transactions 17 Chargeable transaction ar ea le consideration 18 Chargeable consideration 19 Contingent consideration 20 ncertain or unascertained consideration 21 Annuities 22 Deemed market value 23 Exceptions
PART CALC LATION O TAX AND RELIE S alc lation of tax 24 Regulations specifying tax bands and tax rates 25 Procedure for regulations specifying tax bands and tax rates 26 Tax bands and tax rates applicable when regulations cease to have effect 27 Amount of tax chargeable transactions which are not linked 28 Amount of tax chargeable linked transactions 29 Calculation provisions sub ect to certain provisions about reliefs eliefs 30 Reliefs Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw 1) iii Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 iii
31 Reliefs anti-avoidance
PART LEASES 32 Leases
PART APPLICATION O ACT AND TC A TO CERTAIN PERSONS AND BODIES 33 Companies 34 nit trust schemes 35 Open-ended investment companies 36 Co-ownership authorised contractual schemes 37 oint buyers general rules 38 oint buyers returns and declarations 39 oint buyers enquiries and assessments 40 oint buyers appeals and reviews 41 Partnerships 42 Trusts 43 Persons acting in a representative capacity
PART RET RNS AND PAY ENTS CHAPTER 1
RET RNS D t to a e ret rn 44 Duty to make a return otifia le transactions 45 Notifiable transactions 46 Exceptions for certain acquisitions of ma or interests in land Ad st ents 47 Contingency ceases or consideration is ascertained duty to make return 48 Contingency ceases or consideration ascertained repayment of tax 49 urther return where relief is withdrawn 50 Single return in respect of linked transactions with same effective date 51 Return as a result of later linked transaction 52 Power to amend period in which returns must be made Declarations 53 Declaration 54 Buyer with a disability declaration by the Official Solicitor Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw 1) iv Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 iv
55 Declaration by person authorised to act on behalf of individual CHAPTER 2
LIABILITY OR AND PAY ENT O TAX Lia ilit for tax 56 Liability for tax a ent of tax 57 Payment of tax CHAPTER
DE ERRAL O TAX 58 Deferral requests in cases of contingent or uncertain consideration 59 Calculation of deferrable amount 60 Deferral requests notices of WRA decisions 61 Deferral requests effect of WRA s decision 62 Variation of deferral requests 63 ailure to comply with WRA s agreement to defer 64 Regulations about deferral of tax CHAPTER
RE ISTRATION O LAND TRANSACTIONS 65 Registration of land transactions
PART ENERAL ANTI-AVOIDANCE R LE 66 eneral anti-avoidance rule
PART INTERPRETATION AND INAL PROVISIONS nter retation 67 eaning of tax 68 eaning of ma or interest in land 69 eaning of sub ect-matter and main sub ect-matter 70 eaning of market value 71 eaning of effective date of transaction 72 eaning of residential property 73 eaning of dwelling 74 References to connected persons 75 Other definitions A end ents to t e Tax ollection and ana e ent (Wales) Act 201 76 Amendments to TC A Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw 1) v Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 v