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

Transfer of chargeable interest from a partnership consisting wholly of bodies corporate

30 (1) This paragraph applies where—

(a) there is a transaction to which paragraph 21 applies;

(b) immediately before the transaction all the partners are bodies corporate;

(c) the sum of the lower proportions is 75 or more.

(2) Paragraphs 21 and 31 have effect with the following modifications.

(3) Paragraph 21 has effect as if for sub-paragraphs (2) and (3) there were substituted—

“(2) The chargeable consideration for the transaction is taken to be equal to the market value of the interest transferred.”

(4) Paragraph 31(2) has effect as if for “sub-paragraphs (3) to (6)” there were substituted “sub-paragraph (5)”.

(5) Paragraph 31 has effect as if sub-paragraphs (3), (4), (6) and (7) were omitted.