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 Assembly Commission

    • The Scottish Parliamentary Corporate Body

    • The Northern Ireland Assembly Commission.