PART 8INTERPRETATION AND FINAL PROVISIONS

Final provisions

79Regulations

1

Any power to make regulations under this Act—

a

must be exercised by statutory instrument, and

b

includes power to make different provision for different purposes.

2

A statutory instrument containing regulations made under any of the following provisions may not be made unless a draft of the instrument has been laid before, and approved by a resolution of, the National Assembly for Wales—

a

section 5(4) (exempt interests);

b

section 18(2) (chargeable consideration);

c

section 24(11) (higher rates residential property transactions);

d

section 30(6) (reliefs);

e

section 33(7) (companies);

f

section 34(6) (unit trusts);

g

section 35(1) (open-ended investment companies);

h

section 36(8) (co-ownership authorised contractual schemes);

i

section 41(2) (partnerships);

j

section 42(2) (trusts);

k

section 46(10) (thresholds for notifiable transactions);

l

section 47(5) (late payment interest start date);

m

section 49(5) (late payment interest start date);

n

section 52(1) (period within which returns must be made);

o

section 64(1) (regulations about deferral of tax);

p

section 72(10) (residential property);

q

paragraph 7 of Schedule 3 (exempt transactions);

r

paragraph 27(2) of Schedule 6 (charging tax on rent element of residential leases);

s

paragraph 32 of that Schedule (temporal discount rate for leases);

t

paragraph 36(1)(b) of that Schedule (specified amount of relevant rent);

u

paragraph 37 of that Schedule (power to amend or repeal paragraphs 34 to 36);

v

paragraph 6(7) of Schedule 13 (multiple dwellings relief: minimum percentage of tax attributable to dwellings);

w

paragraph 3 of Schedule 17 (acquisition relief: proportion of tax relieved).

3

Any other statutory instrument containing regulations made under this Act (except an instrument mentioned in subsection (4)) is subject to annulment in pursuance of a resolution of the National Assembly for Wales.

4

Subsection (3) does not apply to a statutory instrument containing any of the following—

a

regulations made under section 24(1) or paragraph 27(4) or 28(1) of Schedule 6 (regulations about tax rates and bands);

b

regulations made under section 78 to which subsection (3) of that section applies.