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

45 Notifiable transactions

(1) For the purposes of this Act, a land transaction is notifiable if it is—

(a) an acquisition of a major interest in land (see section 68) that does not fall within one of the exceptions listed in section 46,

(b) an acquisition of a chargeable interest, other than a major interest in land, if—

(i) it is not exempt from charge as provided for in Schedule 3, and

(ii) tax is chargeable at a rate of more than 0%, or would be so chargeable but for a relief listed in section 30, in respect of any part of the chargeable consideration for the transaction,

(c) a land transaction that a person is treated as entering into by virtue of section 11(3)(contract providing for transfer to third party), or

(d) a notional or additional notional land transaction within the meaning given in paragraph 8(1) and (3) of Schedule 2.

(2) This section has effect subject to—

(a) section 10(5) (contract and transfer),

(b) paragraph 18(5) of Schedule 4 (arrangements involving public or educational bodies),

(c) paragraph 44(1) of Schedule 7 (transfer of partnership interest), and

(d) paragraph 2(6) of Schedule 10 (alternative property finance).