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

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PART 3 E+WCIRCUMSTANCES WHERE ARRANGEMENTS NOT RELIEVED

No relief where group relief, acquisition relief or reconstruction relief available on first transactionE+W

5E+WParagraphs 2 and 3 do not apply to arrangements in relation to which group relief, acquisition relief or reconstruction relief is available on the first transaction (even if such a relief is subsequently withdrawn).

Commencement Information

I1Sch. 10 para. 5 in force at 1.4.2018 by S.I. 2018/34, art. 3

Land sold to financial institution and leased to a person: arrangements to transfer control of institutionE+W

6(1)Paragraph 2 does not apply to alternative finance arrangements if those arrangements, or any connected arrangements, include arrangements for a person to acquire control of the relevant financial institution.E+W

(2)That includes arrangements for a person to acquire control of the relevant financial institution only if one or more conditions are met (such as an event occurring or the carrying out of an act).

(3)In this paragraph—

  • “"alternative finance arrangements”” (“"trefniadau cyllid eraill”") means the arrangements referred to in paragraph 2(1);

  • “"connected arrangements”” (“"trefniadau cysylltiedig”") means any arrangements entered into in connection with the making of alternative finance arrangements (including arrangements involving one or more persons who are not parties to the alternative finance arrangements);

  • “"relevant financial institution”” (“"sefydliad ariannol perthnasol”") means the financial institution which enters into the alternative finance arrangements.

(4)Section 1124 of the Corporation Tax Act 2010 (c. 4) applies for the purposes of determining who has control of the relevant financial institution.

Commencement Information

I2Sch. 10 para. 6 in force at 1.4.2018 by S.I. 2018/34, art. 3

Yn ôl i’r brig

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