F1PART 4ATaxation

Annotations:
Amendments (Textual)
F1

Pt. 4A inserted (17.2.2015) by Wales Act 2014 (c. 29), ss. 6(2), 29(2)(b)(3)

F2CHAPTER 3Tax on transactions involving interests in land

Annotations:
Amendments (Textual)
F2

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))

116LTax on transactions involving interests in land

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 F4Senedd Commission

    • The Scottish Parliamentary Corporate Body

    • The Northern Ireland F4Senedd Commission.

116M Duty to disclose information on Welsh land transactions to HMRC

1

F3The 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.