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

Relevant rent

36 (1) In paragraphs 34 and 35—

(a) “the relevant rent” means—

(i) the annual rent in relation to the transaction in question, or

(ii) if that transaction is one of a number of linked transactions for which the chargeable consideration consists of or includes rent, the total of the annual rents in relation to all of those transactions;

(b) “the specified amount” means an amount of relevant rent specified by the Welsh Ministers by regulations.

(2) In sub-paragraph (1)(a) “the annual rent” means—

(a) the average annual rent over the term of the lease, or

(b) if—

(i) different amounts of rent are payable for different parts of the term, and

(ii) those amounts (or any of them) are ascertainable at the effective date of the transaction,

the average annual rent over the term for which the highest ascertainable rent is payable.