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

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Sum of the lower portions: connected companyE+W

41(1)This paragraph applies where in calculating the sum of the lower proportions in relation to a transaction (in accordance with paragraph 14)—E+W

(a)a company (““the connected company””) would have been a corresponding partner of a relevant owner (““the original owner””) but for the fact that, by virtue of paragraph 16(1)(b), Step 2 includes connected persons only if they are individuals, and

(b)the connected company and the original owner are members of the same group.

(2)The charge in respect of the transaction is to be reduced to the amount that would have been payable had the connected company been a corresponding partner of the original owner for the purposes of calculating the sum of the lower proportions.

(3)The provisions of Schedule 16 apply to relief under sub-paragraph (2) as to group relief under paragraph 2(1) of that Schedule, but—

(a)as if paragraph 4(3)(a) were omitted,

(b)as if in paragraph 8(2)(a) for ““the buyer”” there were substituted “ a partner who was, at the effective date of the transaction, a partner and a member of the same group as the transferor (““the relevant partner””) ”, and

(c)with the other modifications specified in paragraph 40.

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