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

5 Exempt interest

(1) The following are exempt interests—

(a) a security interest;

(b) a licence to use or occupy land;

(c) a tenancy at will;

(d) a franchise or manor.

(2) In subsection (1)—

(a) “security interest” means an interest or right (other than a rentcharge) held for the purpose of securing the payment of money or the performance of any other obligation;

(b) “franchise” means a grant from the Crown such as the right to hold a market or fair, or the right to take tolls.

(3) See also paragraph 7 of Schedule 10 (which makes additional provision about exempt interests in relation to alternative financial arrangements).

(4) The Welsh Ministers may by regulations amend this section so as to—

(a) provide that any other description of interest or right in relation to land in Wales is an exempt interest;

(b) provide that a description of interest or right in relation to land in Wales is no longer an exempt interest;

(c) vary a description of an exempt interest.