The Land Transaction Tax (Temporary Variation of Rates and Bands for Residential Property Transactions) (Wales) Regulations 2020
| Year | 2020 |
2020 No. 794 (W. 174)
Land Transaction Tax, Wales
The Land Transaction Tax (Temporary Variation of Rates and Bands for Residential Property Transactions) (Wales) Regulations 2020
Made 22th July 2020
Laid before Senedd Cymru 24th July 2020
Coming into force 27th July 2020
The Welsh Ministers make the following Regulations in exercise of the powers conferred by sections 24(1) and 78(1) of the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 20171.
Title, commencement and interpretation
1.—(1) The title of these Regulations is the Land Transaction Tax (Temporary Variation of Rates and Bands for Residential Property Transactions) (Wales) Regulations 2020.
(2) These Regulations come into force on 27 July 2020.
(3) In these Regulations, “the LTT Act” means the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017.
(4) Words and expressions used in these Regulations have the same meaning as they have in the LTT Act.
Application
2.—(1) These Regulations have effect in relation to any chargeable transaction that—
(a)
(a) is a residential property transaction, and
(b)
(b) has an effective date on or after 27 July 2020, but before 1 April 20212.
(2) Paragraph (3) applies where—
(a)
(a) as a result of section 10(4) of the LTT Act, the effective date of the transaction falls on or after 27 July 2020 but before 1 April 2021, and
(b)
(b) the contract concerned is completed by a transfer on or after 1 April 2021.
(3) Where this paragraph applies, section 10(5)(b) of the LTT Act does not apply in relation to that transfer if the sole reason that (but for this regulation) it would have applied is that the modifications made by these Regulations have no effect in relation to that transfer.
Tax bands and percentage tax rates
3. The Schedule to these Regulations specifies the tax bands and percentage tax rates for residential property transactions to which these Regulations apply for the purposes of section 24(1) of the LTT Act.
Amendment of the Land Transaction Tax (Tax Bands and Tax Rates) (Wales) Regulations 2018
4.—(1) The Land Transaction Tax (Tax Bands and Tax Rates) (Wales) Regulations 20183are amended as follows.
(2) In regulation 2—
(a)
(a) the existing text becomes paragraph (1);
(b)
(b) at the beginning of paragraph (1), insert “Subject to paragraph (2),”;
(c)
(c) after paragraph (1) insert—
“2. These Regulations do not have effect in relation to any chargeable transaction that is subject to the Land Transaction Tax (Temporary Variation of Rates and Bands for Residential Property Transactions) (Wales)...
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