PART 4ATaxation
F1CHAPTER 3Tax on transactions involving interests in land
116LTax on transactions involving interests in land
(1)
A tax which is charged on a Welsh land transaction and complies with the requirements of this section is a devolved tax.
(2)
In this Chapter a “ Welsh land transaction ” means an acquisition of—
(a)
an estate, interest, right or power in or over land in Wales;
(b)
the benefit of an obligation, restriction or condition affecting the value of any such estate, interest, right or power.
(3)
The tax may be chargeable—
(a)
whether or not there is any instrument effecting the transaction,
(b)
if there is such an instrument, regardless of where it is executed, and
(c)
regardless of where any party to the transaction is or is resident.
(4)
The tax may not be imposed on so much of a Welsh land transaction as relates to land below mean low water mark.
(5)
The following persons are not to be liable to pay the tax—
Government
A Minister of the Crown
The Welsh Ministers, the First Minister and the Counsel General
The Scottish Ministers
A Northern Ireland department
Parliament etc