Government of Wales Act 2006

[F1 CHAPTER 3 U.K. Tax on transactions involving interests in land

Textual Amendments

F1 Pt. 4A Ch. 3 inserted (17.2.2015) by Wales Act 2014 (c. 29), ss. 15(1), 29(2)(b)(3) (with s. 15(2))

116L Tax on transactions involving interests in land U.K.

(1) A tax which is charged on a Welsh land transaction and complies with the requirements of this section is a devolved tax.

(2) In this Chapter a “ Welsh land transaction ” means an acquisition of—

(a) an estate, interest, right or power in or over land in Wales;

(b) the benefit of an obligation, restriction or condition affecting the value of any such estate, interest, right or power.

(3) The tax may be chargeable—

(a) whether or not there is any instrument effecting the transaction,

(b) if there is such an instrument, regardless of where it is executed, and

(c) regardless of where any party to the transaction is or is resident.

(4) The tax may not be imposed on so much of a Welsh land transaction as relates to land below mean low water mark.

(5) The following persons are not to be liable to pay the tax—

• Government

  • A Minister of the Crown

  • The Welsh Ministers, the First Minister and the Counsel General

  • The Scottish Ministers

  • A Northern Ireland department

• Parliament etc

  • The Corporate Officer of the House of Lords

  • The Corporate Officer of the House of Commons

  • The Assembly Commission

  • The Scottish Parliamentary Corporate Body

  • The Northern Ireland Assembly Commission.

116M Duty to disclose information on Welsh land transactions to HMRC U.K.

(1) [F2 The Welsh Revenue Authority] must provide to HMRC such of the information falling within subsection (2) as HMRC may require.

(2) Information falls within this subsection if it—

(a) is relevant information in relation to a Welsh land transaction, and

(b) is in the possession or under the control of the person.

(3) “ Relevant information ”, in relation to a Welsh land transaction, means information which—

(a) corresponds to any of the particulars which would be required under Schedule 2 to the Finance Act 1931, but for section 28(3)(c) of that Act, or

(b) uniquely identifies, or assists in uniquely identifying, any person who gives consideration for, or is a party to, the transaction.

(4) Information is to be provided under subsection (1) in such form as HMRC may reasonably specify.

(5) Information acquired by HMRC under this section is to be treated, for the purposes of the Commissioners for Revenue and Customs Act 2005, as acquired in connection with a function of theirs.

(6) In this section, “ HMRC ” means Her Majesty's Revenue and Customs. ]

Textual Amendments

F2 Words in s. 116M(1) substituted (1.4.2018) by Wales Act 2017 (c. 4), s. 71(4), Sch. 6 para. 7 (with Sch. 7 paras. 1, 6); S.I. 2017/1179, reg. 3(q)