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).