PART 3TAX RETURNS, ENQUIRIES AND ASSESSMENTS

C1CHAPTER 7RELIEF IN CASE OF EXCESSIVE ASSESSMENT OR OVERPAID TAX

Annotations:
Modifications etc. (not altering text)
C1

Pt. 3 Ch. 7 applied (with modifications) (1.4.2018) by Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw 1), ss. 48(3), 81(2)(3), Sch. 6 para. 14(2); S.I. 2018/34, art. 3

Overpaid tax etc.

63AF1Claim for relief in respect of land transaction tax: regulations ceasing to have effect

1

If—

a

by virtue of section 26(2) of LTTA the tax bands and tax rates specified in rejected regulations apply to a chargeable transaction, and

b

in consequence, the amount of land transaction tax chargeable in respect of the transaction is greater than the amount that would otherwise have been chargeable,

the buyer in the transaction may make a claim to WRA for the discharge or repayment of the amount of land transaction tax that would not have been chargeable had the rejected regulations not been made.

2

Where WRA decides to give effect to a claim under subsection (1) it must also discharge or repay any penalty or interest related to the amount of tax discharged or repaid.

3

Any penalty or interest is related to an amount of tax for this purpose to the extent that it—

a

is attributable to the amount, and

b

would not have been incurred but for the application to the transaction in question of the tax bands and tax rates specified in the rejected regulations.

4

A claim under subsection (1) must be made before the end of the period of 12 months beginning with the later of—

a

the date on which the rejected regulations cease to have effect, or

b

the filing date for a tax return containing an assessment of tax chargeable calculated using the tax bands and tax rates specified in the rejected regulations.

5

A claim under subsection (1) is to be treated as if it were an amendment made under section 41 to the assessment of tax chargeable contained in a tax return.

6

In this section—

  • "chargeable transaction”” (“"trafodiad trethadwy”") has the meaning given by section 17 of LTTA;

  • "rejected regulations”” (“"rheoliadau a wrthodir”") has the meaning given by section 26(1)(a) of that Act.