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

Joint purchase by qualifying charity and another person: partial relief E+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).

Commencement Information

I1 Sch. 18 para. 6 in force at 1.4.2018 by S.I. 2018/34, art. 3