The Land Transaction Tax (Modification of Relief for Acquisitions Involving Multiple Dwellings) (Wales) Regulations 2025

Transitional provisions

4.—(1) The amendments made by these Regulations have effect in relation to a land transaction with an effective date on or after 7 February 2025.

(2) But the amendments made by these Regulations do not have effect in relation to a land transaction if—

(a) the transaction is effected in pursuance of a contract entered into and substantially performed before 7 February 2025, or

(b) the transaction is effected in pursuance of a contract entered into before 7 February 2025 and is not excluded by paragraph (3).

(3) A land transaction is excluded if—

(a) there is any variation of the contract, or assignment of rights under the contract, on or after 7 February 2025,

(b) the transaction is effected in consequence of the exercise on or after 7 February 2025 of any option, right of pre-emption or similar right, or

(c) on or after 7 February 2025 there is an assignment, subsale or other transaction relating to the whole or part of the subject-matter of the contract as a result of which a person other than the buyer under the contract becomes entitled to call for a transfer.

(4) If—

(a) a post-commencement land transaction is linked to a pre-commencement land transaction, and

(b) the pre-commencement land transaction is a relevant transaction for the purposes of paragraph 3 of Schedule 13 to the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017,

the amendments made by these Regulations do not have effect in relation to the post-commencement land transaction.

(5) In paragraph (4)—

(a) “pre-commencement land transaction” means a land transaction the effective date of which is before 7 February 2025 or which meets the conditions in paragraph (2)(a) or (2)(b);

(b) “post-commencement land transaction” means all other land transactions.