Chwilio Deddfwriaeth

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

Newidiadau dros amser i: PART 3

 Help about opening options

Newidiadau i ddeddfwriaeth:

Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017, PART 3 yn gyfredol gyda’r holl newidiadau y gwyddys eu bod mewn grym ar neu cyn 17 Hydref 2019. Mae newidiadau a all gael eu dwyn i rym yn y dyfodol. Mae newidiadau a wnaed yn ymddangos yn y cynnwys a chyfeirir atynt trwy anodiadau. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.

View outstanding changes

Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

PART 3 E+WCONDITIONS FOR OPERATION OF RELIEFS ETC.

IntroductionE+W

5This Part of this Schedule defines conditions 1 to 7 for the purposes of paragraphs 13 to 16 and 18.

Commencement Information

I1Sch. 11 para. 5 in force at 1.4.2018 by S.I. 2018/34, art. 3

Condition 1E+W

6Condition 1 is that one person (““A””) and another (““B””) enter into arrangements under which—

(a)A transfers to B a qualifying interest in land (““the first transaction””), and

(b)A and B agree that when the interest ceases to be held by B as mentioned in paragraph 7(b), B will transfer the interest to A.

Commencement Information

I2Sch. 11 para. 6 in force at 1.4.2018 by S.I. 2018/34, art. 3

Condition 2E+W

7Condition 2 is that—

(a)B, as bond-issuer, enters into an alternative finance investment bond (whether before or after entering into the arrangements mentioned in condition 1), and

(b)the interest in land to which the arrangements mentioned in condition 1 relate is held by B as a bond asset.

Commencement Information

I3Sch. 11 para. 7 in force at 1.4.2018 by S.I. 2018/34, art. 3

Condition 3E+W

8(1)Condition 3 is that, for the purpose of generating income or gains for the alternative finance investment bond—E+W

(a)B and A enter into a leaseback agreement, or

(b)such other condition or conditions as may be prescribed is or are met.

(2)For the purposes of condition 3, B and A enter into a leaseback agreement if B grants to A, out of the interest transferred to B—

(a)a lease (if the interest transferred is freehold), or

(b)a sub-lease (if the interest transferred is leasehold).

Commencement Information

I4Sch. 11 para. 8 in force at 1.4.2018 by S.I. 2018/34, art. 3

Condition 4E+W

9(1)Condition 4 is that, before the end of the period of 120 days beginning with the effective date of the first transaction, B provides WRA with the prescribed evidence that a satisfactory legal charge has been entered in the register of title kept under section 1 of the Land Registration Act 2002 (c. 9).E+W

(2)A charge is satisfactory for the purposes of condition 4 if it—

(a)is a first charge on the interest transferred to B,

(b)is in favour of WRA, and

(c)is for the total of—

(i)the amount of tax which would (apart from paragraph 13) be chargeable on the first transaction if the chargeable consideration for that transaction had been the market value of the interest on the effective date of that transaction, and

(ii)any interest and penalties which would for the time being be payable on or in relation to that amount of tax, if the tax had been payable (but not paid) in respect of the first transaction.

Commencement Information

I5Sch. 11 para. 9(1) in force at 18.10.2017 for specified purposes by S.I. 2017/953, art. 2(e)(ii)

I6Sch. 11 para. 9(1) in force at 1.4.2018 in so far as not already in force by S.I. 2018/34, art. 3

I7Sch. 11 para. 9(2) in force at 1.4.2018 by S.I. 2018/34, art. 3

Condition 5E+W

10Condition 5 is that the total of the payments of capital made to B before the termination of the bond is not less than 60% of the market value of the interest in the land on the effective date of the first transaction.

Commencement Information

I8Sch. 11 para. 10 in force at 1.4.2018 by S.I. 2018/34, art. 3

Condition 6E+W

11Condition 6 is that B holds the interest in the land as a bond asset until the termination of the bond.

Commencement Information

I9Sch. 11 para. 11 in force at 1.4.2018 by S.I. 2018/34, art. 3

Condition 7E+W

12Condition 7 is that—

(a)before the end of the period of 30 days beginning with the date on which the interest in the land ceases to be held as a bond asset, the interest is transferred by B to A (““the second transaction””), and

(b)the second transaction is given effect not more than 10 years (or such other period as may be prescribed) after the first transaction.

Commencement Information

I10Sch. 11 para. 12 in force at 1.4.2018 by S.I. 2018/34, art. 3

Yn ôl i’r brig

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open y Ddeddf Gyfan

Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Mae deddfwriaeth ar gael mewn fersiynau gwahanol:

Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’. Dim ond yn Saesneg y mae’r fersiwn ddiwygiedig ar gael ar hyn o bryd.

Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed) - Saesneg: Mae'r wreiddiol Saesneg fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.

Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed)-Cymraeg:Y fersiwn Gymraeg wreiddiol o’r ddeddfwriaeth fel yr oedd yn sefyll pan gafodd ei deddfu neu ei gwneud. Ni wnaed unrhyw newidiadau i’r testun.

Close

Gweler y wybodaeth ychwanegol ochr yn ochr â’r cynnwys

Rhychwant ddaearyddol: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Dangos Llinell Amser Newidiadau: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Dewisiadau Agor

Dewisiadau gwahanol i agor deddfwriaeth er mwyn gweld rhagor o gynnwys ar y sgrin ar yr un pryd

Close

Nodiadau Esboniadol

Text created by the Welsh Government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes accompany all Acts of the National Assembly for Wales.

Close

Rhagor o Adnoddau

Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:

  • y PDF print gwreiddiol y fel deddfwyd fersiwn a ddefnyddiwyd am y copi print
  • rhestr o newidiadau a wnaed gan a/neu yn effeithio ar yr eitem hon o ddeddfwriaeth
  • manylion rhoi grym a newid cyffredinol
  • pob fformat o’r holl ddogfennau cysylltiedig
  • slipiau cywiro
  • dolenni i ddeddfwriaeth gysylltiedig ac adnoddau gwybodaeth eraill
Close

Llinell Amser Newidiadau

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

Rhagor o Adnoddau

Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:

  • y PDF print gwreiddiol y fel deddfwyd fersiwn a ddefnyddiwyd am y copi print
  • slipiau cywiro

liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys

  • rhestr o newidiadau a wnaed gan a/neu yn effeithio ar yr eitem hon o ddeddfwriaeth
  • manylion rhoi grym a newid cyffredinol
  • pob fformat o’r holl ddogfennau cysylltiedig
  • dolenni i ddeddfwriaeth gysylltiedig ac adnoddau gwybodaeth eraill