CHAPTER 3Tax on transactions involving interests in land

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.