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

PART 6 RELIEF FOR CERTAIN ACQUISITIONS BY REGISTERED SOCIAL LANDLORDS

Relief for certain acquisitions by registered social landlords

19 (1) A land transaction under which the buyer is a registered social landlord is relieved from tax if—

(a) the registered social landlord is controlled by its tenants,

(b) the seller is a qualifying body, or

(c) the transaction is funded with the assistance of a public subsidy.

(2) The reference in sub-paragraph (1)(a) to a registered social landlord “controlled by its tenants” is to a registered social landlord the majority of whose board members are tenants occupying properties owned or managed by it.

(3) In this paragraph—

• “board member” (“aelod o’r bwrdd”), in relation to a registered social landlord, means—

  (a)

  if it is a company, a director of the company,

  (b)

  if it is a body corporate whose affairs are managed by its members, a member,

  (c)

  if it is body of trustees, a trustee, or

  (d)

  if it is not within paragraphs (a) to (c), a member of the committee of management or other body to which is entrusted the direction of the affairs of the registered social landlord;

• “public subsidy” (“cymhorthdal cyhoeddus”) means any grant or other financial assistance—

  (a)

  made or given by way of a distribution pursuant to section 25 of the National Lottery etc. Act 1993 (c. 39) (application of money by distributing bodies),

  (b)

  made by the Welsh Ministers under section 18 of the Housing Act 1996 (c. 52) (social housing grants), or

  (c)

  under section 126 of the Housing Grants, Construction and Regeneration Act 1996 (c. 53) (financial assistance for regeneration and development);

• “qualifying body” (“corff cymwys”) means any of the following—

  (a)

  a registered social landlord;

  (b)

  a housing action trust established under Part 3 of the Housing Act 1988 (c. 50);

  (c)

  a county or county borough council constituted under section 21 of the Local Government Act 1972 (c. 70);

  (d)

  a county or district council constituted under section 2 of that Act;

  (e)

  the Welsh Ministers.