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

Overpayment of tax where rent determined on reconsideration date

14 (1) If, as a result of determining on the reconsideration date the rent paid or payable in respect of the first 5 years of the term of the lease, less tax is payable in respect of a land transaction than has already been paid—

(a) the buyer may, within the period allowed for amendment of the return, amend it accordingly;

(b) after the end of that period, the buyer may (if the return is not so amended) make a claim for repayment of the amount overpaid in accordance with Chapter 7 of Part 3 of TCMA as modified by sub-paragraph (2).

(2) In its application to a claim to which sub-paragraph (1)(b) applies, Chapter 7 of Part 3 of TCMA applies as if for section 78 there were substituted—

“78 Time limit for making claims

A claim under section 63 to which paragraph 14(1)(b) of Schedule 6 to LTTA applies must be made before the later of the end of—

(a) the period of 4 years beginning with the day after the filing date for the tax return to which the land transaction tax already paid relates, or

(b) the period of 12 months beginning with the reconsideration date (within the meaning of paragraph 12(3) of that Schedule).”