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

Relief from land transaction tax: conversion of an authorised unit trust to an open-ended investment company

402.Paragraph 1 of this Schedule outlines the conditions under which relief from LTT may be claimed where there is a land transaction transferring property subject to the trusts of an authorised unit trust to an open-ended investment company. The conditions provide that relief is restricted to those cases where:

  • the authorised unit trust is converted into an open-ended investment company; and the whole of the property available is transferred and becomes the whole of the property of the open-ended investment company;

  • as part of the transaction all the units in the authorised unit trust are extinguished;

  • the consideration under the arrangements consists of or includes the issue of shares in the open-ended investment company to the persons who held the extinguished units;

  • the shares are issued in the same proportion as the extinguished units held; and

  • the consideration only comprises the assumption or discharge of liabilities of the trustees of the authorised unit trust.

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