The Land Transaction Tax (Tax Bands and Tax Rates) (Wales) (Amendment) Regulations 2024

• Citation: S.I. 2024/1311 (W.)
• Sections: 6

Section 1 Title and commencement

(1) The title of these Regulations is the Land Transaction Tax (Tax Bands and Tax Rates) (Wales) (Amendment) Regulations 2024.

(2) These Regulations come into force on 11 December 2024.

Section 2 Interpretation

(1) In these Regulations, “ the 2018 Regulations ” means the Land Transaction Tax (Tax Bands and Tax Rates) (Wales) Regulations 2018 .

(2) Words and expressions used in these Regulations have the same meaning as they have in the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017.

Section 3 Application

These Regulations apply in relation to higher rates residential property transactions with an effective date which is on or after 11 December 2024.

Section 4 Application

But these Regulations do not apply in relation to any transaction mentioned in regulation 3 which is—

(a) effected in pursuance of a contract entered into and substantially performed before 11 December 2024, or

(b) effected in pursuance of a contract entered into but not substantially performed before 11 December 2024 and not excluded by regulation 5.

Section 5 Application

A transaction is excluded by this regulation if it is a transaction specified in regulation 3 which is effected in pursuance of a contract entered into before 11 December 2024 and where—

(a) there is any variation of the contract, or assignment of rights under the contract, on or after 11 December 2024,

(b) the transaction is effected in consequence of the exercise on or after 11 December 2024 of any option, right of pre-emption or similar right, or

(c) on or after 11 December 2024 there is an assignment, subsale or other transaction relating to the whole or part of the subject-matter of the contract as a result of which a person other than the purchaser under the contract becomes entitled to call for a transfer.

Section 6 Amendment of the Land Transaction Tax (Tax Bands and Tax Rates) (Wales) Regulations 2018

In the Schedule to the 2018 Regulations, for Table 2 substitute—

Table 2: Higher rates residential property transactions