Explanatory Notes

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

1

24 May 2017

Commentary on Sections

Part 8 – Interpretation and Final Provisions

Schedule 6 - Leases

Part 4 - Agreements for lease, assignments and variations

Cases where assignment of lease treated as grant of lease

264. Paragraph 22 provides for cases where the assignment of a lease is to be treated as a grant, to address possible tax avoidance activity. Where a lease has been granted and specified reliefs applied, then (unless those reliefs had already been withdrawn) the first assignment to which the specified reliefs do not apply is treated as a grant of a lease. The lease is treated as granted for a period that represents the remaining unexpired term of the lease at the date of assignment.