Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw1)

PART 3 E+W CALCULATION OF TAX AND RELIEFS

Reliefs E+W

Yn ddilys o 01/04/2018

31 Reliefs: anti-avoidance E+W

(1) Relief is not available under any of the provisions mentioned in subsection (2) or (3) of section 30 in respect of a land transaction—

(a) which is a tax avoidance arrangement, or

(b) which forms part of arrangements which are tax avoidance arrangements.

(2) An arrangement is a ““tax avoidance arrangement”” if—

(a) the obtaining of a tax advantage for any person is the main purpose, or one of the main purposes, of the buyer in the land transaction entering into the arrangement, and

(b) the arrangement lacks genuine economic or commercial substance other than the obtaining of a tax advantage.

(3) In this section—

• “"arrangement”” (“"trefniant”") includes any transaction, scheme, agreement, grant, understanding, promise, undertaking or series of any of those things (whether or not legally enforceable);

• “"tax”” (“"treth”") means land transaction tax, income tax, corporation tax, capital gains tax, stamp duty land tax, stamp duty reserve tax or stamp duty;

• “"tax advantage”” (“"mantais drethiannol”") means—

  (a)

  relief or increased relief from tax,

  (b)

  repayment or increased repayment of tax,

  (c)

  avoidance or reduction of a charge to tax, or

  (d)

  deferral of a payment of tax or advancement of a repayment of tax.