Introduction
1.These Explanatory Notes are for the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (“the Act”) which was passed by the National Assembly for Wales on 4 April 2017 and received Royal Assent on 24 May 2017. They have been prepared by the Department of the First Minister and Cabinet Office of the Welsh Government in order to assist the reader of the Act.
2.The Explanatory Notes should be read in conjunction with the Act but are not part of it. They are not meant to be a comprehensive description of the Act. Where a section or part of a section of the Act is self-explanatory and does not seem to require any further explanation or comment, none is given.
3.The National Assembly for Wales has the power to make this Act by virtue of the provisions contained in Parts 4 and 4A of, and paragraph 16A of Schedule 7 to, the Government of Wales Act 2006 (“GoWA 2006”). These provisions give the National Assembly for Wales the legislative competence to make provision in relation to devolved taxes (which are defined as taxes specified in Part 4A of GoWA 2006).