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

2 (1) In this Schedule, a charity (““C””) which is a buyer in a land transaction is a ““qualifying charity””— E+W

(a) for the purposes of paragraphs 3, 4 and 5, if C intends to hold the whole of the subject-matter of the transaction for qualifying charitable purposes;

(b) for the purposes of paragraphs 6, 7 and 8, if C intends to hold the whole of its undivided share of the subject-matter of the transaction for qualifying charitable purposes.

(2) For the purposes of this Schedule, C holds the subject-matter of the transaction for ”qualifying charitable purposes” if C holds it—

(a) for use in furtherance of the charitable purposes of C or another charity, or

(b) as an investment from which the profits are applied to the charitable purposes of C.

(3) In this Schedule—

(a) “"charity”” has the meaning given by [F1 paragraph 2A], and

(b) “"charitable purpose”” has the meaning given by section 2 of the Charities Act 2011 (c. 25).

(4) In this Schedule, in relation to C which is a buyer in a land transaction, a ““disqualifying event”” occurs when—

(a) C ceases to be established for charitable purposes only, or

(b) the whole or any part of the subject-matter of the transaction relieved from tax under this Schedule, or any interest or right derived from it, is used or held by C otherwise than for qualifying charitable purposes.

Textual Amendments

F1 Words in Sch. 18 para. 2(3)(a) substituted (31.12.2020) by The Welsh Tax Acts (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/833), regs. 1(2), 3(3) (with reg. 3(5)); 2020 c. 1, Sch. 5 para. 1(1)

Commencement Information

I1 Sch. 18 para. 2 in force at 1.4.2018 by S.I. 2018/34, art. 3