Changes over time for: Cross Heading: Joint purchase by qualifying charity and another person: partial relief
Status:
Point in time view as at 26/01/2019.
Changes to legislation:
There are currently no known outstanding effects for the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017, Cross Heading: Joint purchase by qualifying charity and another person: partial relief.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Joint purchase by qualifying charity and another person: partial reliefE+W
6(1)This paragraph applies where—E+W
(a)there are two or more buyers under a land transaction,
(b)the buyers acquire the subject-matter of the transaction as tenants in common, and
(c)at least one of the buyers is a qualifying charity and at least one of the buyers is another person who is not a qualifying charity.
(2)The tax chargeable in respect of the transaction is reduced by the amount of the relief under sub-paragraph (3) (but see paragraph 7 (withdrawal of partial relief)).
(3)The relief is equal to the relevant proportion of the tax that would, ignoring paragraph 3, otherwise have been chargeable in respect of the transaction.
(4)The ““relevant proportion””, in the case of a qualifying charity, is the lower of P1 and P2, where—
P1 is the proportion of the subject-matter of the transaction that is acquired by all the qualifying charities that are buyers under the transaction (in aggregate);
P2 is the proportion of the chargeable consideration for the transaction that is given by all the qualifying charities that are buyers under the transaction (in aggregate).
Yn ôl i’r brig