SCHEDULES

F1SCHEDULE 1Referendum about commencement of income tax provisions

Section 12

Annotations:
Amendments (Textual)
F1

Sch. 1 omitted (31.3.2017) by virtue of Wales Act 2017 (c. 4), ss. 17(2)(a), 71(2)(d) (with Sch. 7 paras. 1, 6)

F1Entitlement to vote

F11

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F12

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F1Conduct etc of referendum

F13

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F1Referendum question and statement

F14

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F1Date of referendum

F15

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F1Referendum period

F16

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F1Combination of polls

F17

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F1Assistance for designated organisations

F18

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F1Information and encouraging participation

F19

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F1Referendum material

F110

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F1Funding and accounts

F111

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F112

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F1Supplementary

F114

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F1Interpretation

F115

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SCHEDULE 2Welsh tax on land transactions: consequential amendments

Section 16

Finance Act 1931

I111

1

Section 28 of the Finance Act 1931 (production to Commissioners of instruments transferring land) is amended as follows.

2

In subsection (3), at the end of paragraph (c) add “ or a Welsh transaction ”.

3

After subsection (3A) insert—

3B

In subsection (3) “Welsh transaction” means the acquisition of—

a

an estate, interest, right or power in or over land in Wales, or

b

the benefit of an obligation, restriction or condition affecting the value of any such estate, interest, right or power.

Finance Act 2003

2

The Finance Act 2003 is amended as follows.

I13

1

Section 48 (power to prescribe other chargeable interests) is amended as follows.

2

After subsection (1) insert—

1A

See section 48A regarding land which is partly in England and partly in Wales.

3

In subsection (5), omit “and Wales”.

I24

After section 48 insert—

48AInterests, transactions and consideration where land in England and Wales

1

This section sets out how this Part applies to a transaction which is the acquisition of—

a

an estate, interest, right or power in or over land, or

b

the benefit of an obligation, restriction or condition affecting the value of any such estate, interest, right or power,

where the land is partly in England and partly in Wales.

2

The transaction is to be treated as if it were two transactions, one relating to the land in England (“the English transaction”) and the other relating to the land in Wales.

3

The consideration for the transaction is to be apportioned between those two transactions on a just and reasonable basis.

4

Accordingly, the English transaction is to be treated as a land transaction within the meaning of this Part (being the acquisition of a chargeable interest relating to the land in England).

5

But subsection (4) does not apply in the case of an exempt interest.

I35

In section 60 (compulsory purchase facilitating development), in subsections (2)(a) and (5)(a), omit “and Wales”.

I46

In section 73(5) (definition of mortgage for land acquired under alternative property finance arrangements), in subsection (b)(i), omit “or Wales”.

I57

In section 108(1A) (linked transactions), for “the land to which it relates is in Scotland” substitute

a

the transaction relates to land in Scotland, or

b

the transaction relates to land in Wales (whether by virtue of section 48A(2) or otherwise).

I68

In section 117(2) (meaning of “major interest” in England or Wales), omit “or Wales”.

I79

In section 121 (minor definitions), in the definition of “jointly entitled”, omit “and Wales”.

F29A

1

Paragraph 6 of Schedule 6ZA (relief for first-time buyers: definition of “first-time buyer”) is amended as follows.

2

In sub-paragraph (1)(b)—

a

after “acquired” insert

i

b

at the end insert

or

ii

an interest of a kind mentioned in section 117(2) in a dwelling situated in Wales,

3

In sub-paragraph (2) after “lease” insert “or, in the case of a dwelling situated in Wales, a term of years absolute”.

I810

In Schedule 7 (group relief), in paragraph 2B(4) (certain mortgage arrangements not eligible for relief), omit “and Wales”.

I911

In Schedule 9 (right to buy, shared ownership leases, etc), in paragraph 7(2)(b) (shared ownership trusts), omit “or Wales”.

I1012

In Schedule 10 (returns, enquiries, assessments and appeals), in paragraph 45(2)(a) (definition of “the relevant tribunal”), omit “and Wales”.

Finance Act 2009

13

Schedule 61 to the Finance Act 2009 (alternative finance investment bonds) is amended in accordance with paragraphs 14 and 15.

I1214

1

Paragraph 1 is amended as follows.

2

In the definition of “effective date” in sub-paragraph (1), after “Scotland” (in both places) insert “ or Wales ”.

3

For sub-paragraph (1A) substitute—

1A

In this Schedule “qualifying interest” means—

a

in relation to land in England and Wales—

i

an estate in fee simple absolute, or

ii

a term of years absolute,

whether subsisting at law or in equity;

b

in relation to land in Scotland—

i

the interest of an owner of land, or

ii

the tenant's right over or interest in a property subject to a lease;

c

in relation to land in Northern Ireland—

i

any freehold estate, or

ii

any leasehold estate,

whether subsisting at law or in equity;

except that it does not include a lease for a term of years, or (in Scotland) for a period, of 21 years or less.

I1315

In the following provisions omit “and Wales”—

a

paragraph 5(6) (in both places);

b

paragraph 6(1)(a);

c

paragraph 11(2);

d

paragraph 12(1)(b);

e

paragraph 18(5) and (6);

f

paragraph 19(1)(a).

Scotland Act 2012

I1416

In Schedule 3 to the Scotland Act 2012, omit paragraph 31(4) (which inserts paragraph 1(1A) of Schedule 61 to the Finance Act 2009).