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

PART 1 E+W INTRODUCTORY

Overview E+W

1 (1) This Schedule makes provision for relief in the case of certain land transactions connected to alternative finance investment bonds. E+W

(2) The Schedule is arranged as follows—

(a) this Part includes definitions of key terms (paragraph 2);

(b) Part 2 provides that certain events relating to an alternative finance investment bond are not to be treated as chargeable transactions (paragraph 3) and provides for exceptions to that (paragraph 4);

(c) Part 3 sets out the general conditions which apply to the operation of the reliefs provisions in Part 4;

(d) Part 4 provides for relief for certain transactions (paragraphs 13 and 15) as well as making provision about withdrawal of relief (paragraph 14) and circumstances where relief is not available (paragraph 17);

(e) Part 5 sets out how to apply the relief provisions in cases where the underlying asset is replaced by another asset (paragraph 18) and imposes a duty on WRA to notify the Chief Land Registrar when a charge registered under this Schedule is discharged (paragraph 19).

Commencement Information

I1 Sch. 11 para. 1 in force at 1.4.2018 by S.I. 2018/34, art. 3

Interpretation E+W

2 E+W In this Schedule—

• “"alternative finance investment bond”” (“"bond buddsoddi cyllid arall”") means arrangements to which section 564G of the Income Tax Act 2007 (c. 3) (investment bond arrangements) applies;

• “"arrangements”” (“"trefniadau”") includes any agreement, understanding, scheme, transaction or series of any of those things (whether or not legally enforceable);

• “"bond assets”” (“"asedau bond”"), “"bond-holder”” (“"deiliad bond”"), “"bond-issuer”” (“"dyroddwr bond”") and “"capital”” (“"cyflafaf”") have the meaning given by section 564G of the Income Tax Act 2007 (c. 3);

• “"prescribed”” (“"rhagnodedig”") means prescribed in regulations made by the Welsh Ministers;

• “"qualifying interest”” (“"buddiant cymwys”") means a major interest in land other than a lease for a term of 21 years or less.

Commencement Information

I2 Sch. 11 para. 2 in force at 18.10.2017 by S.I. 2017/953, art. 2(e)(i)