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The Land Transaction Tax (Specified Amount of Relevant Rent) (Wales) Regulations 2018
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- Welsh Statutory Instruments
- 2018 No. 133 (W. 34)
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations specify the amount of relevant rent under paragraph 36(1)(b) of Schedule 6 to the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017, for the purposes of defining “the specified amount” in paragraphs 34 and 35 of that Schedule.
Regulation 2 specifies that the amount is £9,000. Accordingly, where the relevant rent is equal to or greater than £9,000, the zero rate tax band threshold in relation to consideration other than rent does not apply. Any amount which would have fallen into that zero rate tax band is treated as falling into the next tax band.
The Welsh Ministers’ Code of Practice on the carrying out of Regulatory Impact Assessments was considered in relation to these Regulations. As a result, a Regulatory Impact Assessment has been prepared as to the likely costs and benefits of complying with these Regulations. A copy can be obtained from the Welsh Government, Cathays Park, Cardiff CF10 3NQ.
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