Diolch yn fawr, Dirprwy Lywydd. This final set of regulations specifies the amount of relevant rent under Schedule 6 to the LTTA Act. These regulations will be used to activate an anti-avoidance rule in that Schedule. It is intended to increase fairness by preventing taxpayers from being able to benefit from two nil-rate thresholds that would otherwise be applicable to the rent and premium in leasehold transactions. Setting the amount of relevant rent at £9,000, however, also ensures an unnecessary tax burden is not created for those who pay only a small amount of annual rent on their non-residential transaction.

This set of regulations protect the Welsh taxpayer from what otherwise might be an ability to avoid paying tax, but sets it in a proportionate way that ensures that those who would have been captured and have an unnecessary burden placed on them are not captured by the regulations before you.