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

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Changes over time for: Cross Heading: Two or more qualifying dwellings

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No versions valid at: 25/05/2017

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Point in time view as at 25/05/2017. This version of this cross heading contains provisions that are not valid for this point in time. Help about Status

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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: Two or more qualifying dwellings. Help about Changes to Legislation

Valid from 18/10/2017

Valid from 01/04/2018

Two or more qualifying dwellingsE+W

13(1)This paragraph applies if at least two of the purchased dwellings are qualifying dwellings.E+W

(2)A purchased dwelling is a qualifying dwelling for the purposes of this Part of this Schedule if the amount of the chargeable consideration for the transaction which is attributable on a just and reasonable basis to the purchased dwelling is £40,000 or more.

(3)But a purchased dwelling is not a qualifying dwelling if at the end of the day that is the effective date of the transaction—

(a)the purchased dwelling is subject to a lease,

(b)the main subject-matter of the transaction is reversionary on that lease, and

(c)the lease meets the conditions set out in sub-paragraph (4).

(4)The conditions are that—

(a)the lease is not held by a person connected with the buyer, and

(b)the lease has an unexpired term of more than 21 years.

(5)A purchased dwelling is not a qualifying dwelling if the exception provided for in paragraph 14 applies (subsidiary dwelling exception).

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