The Land Transaction Tax (Relief for Special Tax Sites) (Wales) Regulations SI 2024/1193provide for relief from the Welsh land transaction tax for qualifying transactions of land in designated special tax sites in Wales – broadly mirroring the equivalent relief from SDLT that is available for special tax sites in England. The first special tax sites in Wales are designated with effect from 26 November 2024 and are located within the Celtic Freeport areas. The relief from LTT is expected also to apply for qualifying transactions in any future designated investment zones in Wales.
The conditions for relief are set out in a new Schedule 21A which is inserted into the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017.
The Welsh Government had previously published a detailed explanatory memorandum alongside a draft version of these Regulations.
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The Land Transaction Tax (Relief for Special Tax Sites) (Wales) Regulations SI 2024/1193provide for relief from the Welsh land transaction tax for qualifying transactions of land in designated special tax sites in Wales – broadly mirroring the equivalent relief from SDLT that is available for special tax sites in England. The first special tax sites in Wales are designated with effect from 26 November 2024 and are located within the Celtic Freeport areas. The relief from LTT is expected also to apply for qualifying transactions in any future designated investment zones in Wales.
The conditions for relief are set out in a new Schedule 21A which is inserted into the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017.
The Welsh Government had previously published a detailed explanatory memorandum alongside a draft version of these Regulations.
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