Search Legislation

Wales Act 2014

Status:

This is the original version (as it was originally enacted).

Section 16

SCHEDULE 2Welsh tax on land transactions: consequential amendments

This schedule has no associated Explanatory Notes

Finance Act 1931

1(1)Section 28 of the Finance Act 1931 (production to Commissioners of instruments transferring land) is amended as follows.

(2)In subsection (3), at the end of paragraph (c) add “or a Welsh transaction”.

(3)After subsection (3A) insert—

(3B)In subsection (3) “Welsh transaction” means the acquisition of—

(a)an estate, interest, right or power in or over land in Wales, or

(b)the benefit of an obligation, restriction or condition affecting the value of any such estate, interest, right or power.

Finance Act 2003

2The Finance Act 2003 is amended as follows.

3(1)Section 48 (power to prescribe other chargeable interests) is amended as follows.

(2)After subsection (1) insert—

(1A)See section 48A regarding land which is partly in England and partly in Wales.

(3)In subsection (5), omit “and Wales”.

4After section 48 insert—

48AInterests, transactions and consideration where land in England and Wales

(1)This section sets out how this Part applies to a transaction which is the acquisition of—

(a)an estate, interest, right or power in or over land, or

(b)the benefit of an obligation, restriction or condition affecting the value of any such estate, interest, right or power,

where the land is partly in England and partly in Wales.

(2)The transaction is to be treated as if it were two transactions, one relating to the land in England (“the English transaction”) and the other relating to the land in Wales.

(3)The consideration for the transaction is to be apportioned between those two transactions on a just and reasonable basis.

(4)Accordingly, the English transaction is to be treated as a land transaction within the meaning of this Part (being the acquisition of a chargeable interest relating to the land in England).

(5)But subsection (4) does not apply in the case of an exempt interest.

5In section 60 (compulsory purchase facilitating development), in subsections (2)(a) and (5)(a), omit “and Wales”.

6In section 73(5) (definition of mortgage for land acquired under alternative property finance arrangements), in subsection (b)(i), omit “or Wales”.

7In section 108(1A) (linked transactions), for “the land to which it relates is in Scotland” substitute

(a)the transaction relates to land in Scotland, or

(b)the transaction relates to land in Wales (whether by virtue of section 48A(2) or otherwise).

8In section 117(2) (meaning of “major interest” in England or Wales), omit “or Wales”.

9In section 121 (minor definitions), in the definition of “jointly entitled”, omit “and Wales”.

10In Schedule 7 (group relief), in paragraph 2B(4) (certain mortgage arrangements not eligible for relief), omit “and Wales”.

11In Schedule 9 (right to buy, shared ownership leases, etc), in paragraph 7(2)(b) (shared ownership trusts), omit “or Wales”.

12In Schedule 10 (returns, enquiries, assessments and appeals), in paragraph 45(2)(a) (definition of “the relevant tribunal”), omit “and Wales”.

Finance Act 2009

13Schedule 61 to the Finance Act 2009 (alternative finance investment bonds) is amended in accordance with paragraphs 14 and 15.

14(1)Paragraph 1 is amended as follows.

(2)In the definition of “effective date” in sub-paragraph (1), after “Scotland” (in both places) insert “or Wales”.

(3)For sub-paragraph (1A) substitute—

(1A)In this Schedule “qualifying interest” means—

(a)in relation to land in England and Wales—

(i)an estate in fee simple absolute, or

(ii)a term of years absolute,

whether subsisting at law or in equity;

(b)in relation to land in Scotland—

(i)the interest of an owner of land, or

(ii)the tenant’s right over or interest in a property subject to a lease;

(c)in relation to land in Northern Ireland—

(i)any freehold estate, or

(ii)any leasehold estate,

whether subsisting at law or in equity;

except that it does not include a lease for a term of years, or (in Scotland) for a period, of 21 years or less.

15In the following provisions omit “and Wales”—

(a)paragraph 5(6) (in both places);

(b)paragraph 6(1)(a);

(c)paragraph 11(2);

(d)paragraph 12(1)(b);

(e)paragraph 18(5) and (6);

(f)paragraph 19(1)(a).

Scotland Act 2012

16In Schedule 3 to the Scotland Act 2012, omit paragraph 31(4) (which inserts paragraph 1(1A) of Schedule 61 to the Finance Act 2009).

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the 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 were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources