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

Changes over time for: SCHEDULE 12

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Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017, SCHEDULE 12 is up to date with all changes known to be in force on or before 19 August 2019. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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(as introduced by section 30(1))

SCHEDULE 12E+WRELIEF FOR INCORPORATION OF LIMITED LIABILITY PARTNERSHIP

This schedule has no associated Explanatory Notes

The reliefE+W

1A transaction by which a chargeable interest is transferred by a person (“"the transferor””) to a limited liability partnership in connection with its incorporation is relieved from tax if conditions A to C are met.

Commencement Information

I1Sch. 12 para. 1 in force at 1.4.2018 by S.I. 2018/34, art. 3

Condition AE+W

2Condition A is that the effective date of the transaction is not more than one year after the date of incorporation of the limited liability partnership.

Commencement Information

I2Sch. 12 para. 2 in force at 1.4.2018 by S.I. 2018/34, art. 3

Condition BE+W

3Condition B is that at the relevant time the transferor—

(a)is a partner in a partnership comprised of all the persons who are, or are to be, members of the limited liability partnership (and no-one else), or

(b)holds the chargeable interest as nominee or bare trustee for one or more of the partners in such a partnership.

Commencement Information

I3Sch. 12 para. 3 in force at 1.4.2018 by S.I. 2018/34, art. 3

Condition CE+W

4Condition C is that—

(a)the proportions of the chargeable interest to which the persons mentioned in paragraph 3(a) are entitled immediately after the transfer are the same as those to which they were entitled at the relevant time, or

(b)none of the differences in those proportions has arisen as part of arrangements of which the main purpose, or one of the main purposes, is the avoidance of liability to tax.

Commencement Information

I4Sch. 12 para. 4 in force at 1.4.2018 by S.I. 2018/34, art. 3

InterpretationE+W

5(1)In this Schedule—E+W

  • "limited liability partnership”” (“"partneriaeth atebolrwydd cyfyngedig”") means a limited liability partnership formed under the Limited Liability Partnerships Act 2000 (c. 12);

  • "the relevant time”” (“"yr adeg berthnasol”") means—

    (a)

    where the transferor acquired the chargeable interest after the incorporation of the limited liability partnership, immediately after the transferor acquired it, and

    (b)

    in any other case, immediately before the limited liability partnership's incorporation.

(2)In paragraph 4(b), “"arrangements”” includes any scheme, agreement or understanding, whether or not legally enforceable.

Commencement Information

I5Sch. 12 para. 5 in force at 1.4.2018 by S.I. 2018/34, art. 3

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