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

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Charity not a qualifying charity

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5(1)This paragraph applies where—

(a)a land transaction is not relieved from tax under paragraph 3 because the buyer is not a qualifying charity, but

(b)the buyer is a charity (“C”) which intends to hold the greater part of the subject-matter of the transaction for qualifying charitable purposes.

(2)In such a case—

(a)paragraphs 3 and 4 have effect as if C were a qualifying charity, but

(b)for the purposes of paragraph 4, “disqualifying event” includes the following if they are made otherwise than in furtherance of C’s charitable purpose—

(i)any transfer by C of a major interest in the whole or any part of the subject-matter of the relieved transaction;

(ii)any grant by C at a premium of a low-rental lease of the whole or any part of that subject-matter.

(3)In relation to a transfer or grant that, by virtue of sub-paragraph (2)(b), is a disqualifying event for the purposes of paragraph 4—

(a)the date of the disqualifying event for those purposes is the effective date of the relieved transaction, and

(b)paragraph 4 has effect with the modifications in sub-paragraph (4).

(4)The modifications to paragraph 4 are—

(a)sub-paragraph (4) is to have effect as if for “At the time of” there were substituted “Immediately before”;

(b)sub-paragraph (6)(a) is to have effect as if for “at the time of” there were substituted “immediately before and immediately after”;

(c)sub-paragraph (6) is to have effect as if paragraph (b) were omitted.

(5)For the purposes of this paragraph—

(a)a lease is granted “at a premium” if there is consideration other than rent, and

(b)a lease is a “low-rental” lease if the annual rent (if any) is less than £1,000 a year.

(6)In this paragraph—

(a)“annual rent” has the meaning given by paragraph 36(2) of Schedule 6, and

(b)“rent” has the same meaning as in that Schedule.

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