[F148AInterests, transactions and consideration where land in England and WalesU.K.
(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.
[F2(6)See section 9 of the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw 0) as to the application of that Act to the transaction relating to the land in Wales.]]
Textual Amendments
F1S. 48A inserted (1.4.2018 with effect in accordance with s. 16(4)(5) of the amending Act) by Wales Act 2014 (c. 29), s. 29(2)(b)(3), Sch. 2 para. 4; S.I. 2018/214, art. 2(a)
F2S. 48A(6) inserted (1.4.2018) by Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw 1), ss. 9(9), 81(2)(3); S.I. 2018/34, art. 3