WRA updates guidance on Land Transaction Tax leases
Released 03 December 2018
The Welsh Revenue Authority (WRA) has updated its technical guidance on Land Transaction Tax (LTT) leases.
There are specific charging rules in LTT in relation to non-residential leases which result, on the grant of a lease, in both the rent payable and any consideration other than rent (commonly a premium) being charged to tax. For an assignment of a lease, generally, only the consideration given to acquire the lease is chargeable. Specific rules apply to charge an assignment as though it were the grant of a lease. The guidance explains in detail the legislative provisions are contained in the Land Transaction tax and Anti-Avoidance of Devolved Taxes (Wales) Act 2017, Sch. 6 Leases.
View the updated guidance Land Transaction Tax leases: technical guidance.