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There are currently no known outstanding effects for the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017, Cross Heading: Alternative Property Finance.
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Textual Amendments
13.(1)This paragraph applies where either of the following applies—E+W
(a)paragraph 2(1) of Schedule 10 (land sold to financial institution and leased to a person), or
(b)paragraph 3(1) of Schedule 10 (land sold to financial institution and re-sold to a person).
(2)This paragraph applies for the purposes of determining—
(a)whether relief can be claimed under Part 2 of this Schedule for the first transaction, and
(b)whether relief for the first transaction is withdrawn under Part 3 of this Schedule.
(3)For those purposes, this Schedule has effect as if—
(a)references to the buyer were references to the relevant person, and
(b)the reference in paragraph 4(2)(d) to land held (as stock for the business) for resale without development or redevelopment were a reference to land held in that manner by the relevant person.
(4)The first transaction does not qualify for relief under Part 2 of this Schedule except where it does so by virtue of this paragraph.
(5)In this paragraph—
“the first transaction” (“y trafodiad cyntaf”) has the same meaning as in paragraph 2 or 3 of Schedule 10 (as appropriate);
“the relevant person” (“y person perthnasol”) means the person, other than the financial institution, who entered into the arrangements mentioned in paragraph 2 or 3 of Schedule 10 (as appropriate).]
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