The Land Transaction Tax (Temporary Variation of Rates and Bands for Residential Property Transactions) (Wales) Regulations 2020

Made: 22 July 2020

Laid before Senedd Cymru: 24 July 2020

Coming into force: 27 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 2017 .

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) is a residential property transaction, and

• (b) has an effective date on or after 27 July 2020, but before 1 July 2021 .

• (2) Paragraph (3) applies where—

• (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 July 2021, and

• (b) the contract concerned is completed by a transfer on or after 1 July 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 2018 are amended as follows.

• (2) In regulation 2—

• (a) the existing text becomes paragraph (1);

• (b) at the beginning of paragraph (1), insert “ Subject to paragraph (2), ”;

• (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) Regulations 2020.

SCHEDULE

Signed

Rebecca Evans — Minister for Finance and Trefnydd, one of the Welsh Ministers — 2020-07-22

Explanatory note

(This note is not part of the Regulations)

Footnotes

[^f00001]: 2017 dccc 1. Gweler hefyd adran 40 o Ddeddf Deddfwriaeth (Cymru) 2019 (dccc 4) am ddarpariaeth ynghylch y weithdrefn sy’n gymwys i’r offeryn hwn.

[^f00002]: Gweler Rheoliadau Treth Trafodiadau Tir (Bandiau Treth a Chyfraddau Treth) (Cymru) 2018 (O.S. 2018/128 (Cy. 32)) ynghylch cymhwyso cyfraddau a bandiau i drafodiadau eiddo preswyl sydd â dyddiad cael effaith cyn 27 Gorffennaf 2020 neu ar 1 Ebrill 2021 neu ar ôl hynny.

[^f00003]: O.S. 2018/128 (Cy. 32).

Editorial notes

[^c24297981]: 2017 anaw 1. See also section 40 of the Legislation (Wales) Act 2019 (anaw 4) for provision about the procedure that applies to this instrument.

[^c24297991]: See the Land Transaction Tax (Tax Bands and Tax Rates) (Wales) Regulations 2018 (S.I. 2018/128 (W. 32)) as to the application of rates and bands to residential property transactions with an effective date before 27 July 2020 or on or after 1 July 2021 .

[^c24298001]: S.I. 2018/128 (W. 32).

[^key-a6b380738243ff754a7c507bc6e2c76f]: Reg. 1 in force at 27.7.2020, see reg. 1(2)

[^key-610261bcd5aaf994a614bd7781db363c]: Reg. 2 in force at 27.7.2020, see reg. 1(2)

[^key-6b01d3f39f60f2c2ba07752e68c7449b]: Reg. 3 in force at 27.7.2020, see reg. 1(2)

[^key-5000901c17ab6a089e9b609b139b46cf]: Reg. 4 in force at 27.7.2020, see reg. 1(2)

[^key-aff15206aa15e8f7282eacef4898b117]: Sch. in force at 27.7.2020, see reg. 1(2)

[^key-ee2d7ffea29e541b0742834bba0a26ce]: Words in reg. 2 substituted (1.4.2021) by The Land Transaction Tax (Temporary Variation of Rates and Bands for Residential Property Transactions) (Wales) (Amendment) Regulations 2021 (S.I. 2021/238), regs. 1(2), 2

Enwi, cychwyn a dehongli

Cymhwyso

Bandiau treth a chyfraddau treth canrannol

Diwygio Rheoliadau Treth Trafodiadau Tir (Bandiau Treth a Chyfraddau Treth) (Cymru) 2018