Commentary on Sections Part 2 – the Tax and Key Concepts Section 2 - Land transaction tax
10.Section 2 provides that a tax, to be called Land Transaction Tax (LTT), is to be charged on land transactions in Wales, irrespective of how and where the transaction is documented, or where the parties to the transaction are resident. The concept of land transaction is defined in sections 3 to 5. WRA will be responsible for collecting and managing LTT.