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

Underpayment of tax where rent determined on reconsideration date

251.Paragraph 13 provides the rules for when reconsideration under paragraph 12 results in an underpayment, or makes the transaction notifiable. The buyer must make any return before the end of 30 days beginning with the reconsideration date.

252.However, where the rent remains uncertain at the end of the fifth year, then the buyer must make a return to their best judgement, and if within 12 months of that date the rents cease to be uncertain then the buyer must amend that return accordingly.

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