Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw1)

Valid from 18/10/2017

Valid from 01/04/2018

SCHEDULE 5 E+W HIGHER RATES RESIDENTIAL PROPERTY TRANSACTIONS

PART 5 E+W SUPPLEMENTARY PROVISIONS

Alternative finance arrangements E+W

33 (1) This paragraph applies in relation to a chargeable transaction which is the first transaction under an alternative finance arrangement entered into between a person and a financial institution. E+W

(2) The person (rather than the institution) is to be treated for the purposes of this Schedule as the buyer in relation to the transaction.

(3) In this paragraph—

• “"alternative finance arrangement”” (“"trefniant cyllid arall”") means an arrangement of a kind mentioned in paragraph 2(1) or 3(1) of Schedule 10 (alternative property finance reliefs);

• “"financial institution”” (“"sefydliad ariannol”") has the meaning given by paragraph 8 of that Schedule;

• “"first transaction”” (“"trafodiad cyntaf”"), in relation to an alternative finance arrangement, has the meaning given by paragraph 2(1)(a) or 3(1)(a) of that Schedule.