Amendment to the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 20174

The Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 20173is amended as follows—

a

in section 30 (reliefs), in subsection (3), in the reference to paragraph 2 of Schedule 15, for “right to buy transaction” substitute “transaction subject to a public sector discount”;

b

in Schedule 15 (relief for certain transactions relating to social housing)—

i

in paragraph 1(2)—

aa

in paragraph (a), for “right to buy transactions” substitute “transactions subject to a public sector discount”;

bb

omit paragraph (d);

ii

in paragraph 2 (relief for right to buy transaction)—

aa

in sub-paragraph (1), in the opening words, for “a right to buy transaction” substitute “a transaction subject to a public sector discount”;

bb

in sub-paragraph (2)—

i

in the opening words, for “right to buy transaction”, substitute “transaction subject to a public sector discount”;

ii

omit paragraph (b) and the “, or” preceding it;

cc

omit sub-paragraph (4);

dd

omit sub-paragraph (5);

ee

in sub-paragraph (6), omit the definitions of “qualifying dwelling-house” and “qualifying person”;

iii

accordingly—

aa

the title of Part 2 becomes “Public Sector Discount Relief”, and

bb

the heading of paragraph 2 becomes “Relief for public sector discount transactions”;

c

in paragraph 3 (shared ownership lease: election for market value treatment) omit sub-paragraph (1)(a)(ii) and the “, or” preceding it;

d

in paragraph 5 (shared ownership lease: election for market value treatment of premium where staircasing allowed), omit sub-paragraph (1)(a)(ii) and the “, or” preceding it;

e

in paragraph 9 (shared ownership leases: interpretation)—

i

omit sub-paragraph (1)(b) and the “, or” preceding it;

ii

omit sub-paragraph (4);

iii

omit sub-paragraph (5);

f

omit paragraph 18 (Rent to mortgage: chargeable consideration).