We now move to debate the regulations under item 9 on our agenda, which are the Land Transaction Tax (Tax Bands and Tax Rates) (Wales) Regulations 2018. Can I call on the Cabinet Secretary for Finance to move that motion, please?

Motion NDM6638 Julie James

To propose that the National Assembly for Wales, in accordance with Standing Order 27.5:

1.  Approves that the draft Land Transaction Tax (Tax Bands and Tax Rates) (Wales) Regulations 2018 are made in accordance with the draft laid in the Table Office on 8 January 2018.

Motion moved.

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. 

Thank you very much. Can I call on the Chair of the Constitutional and Legislative Affairs Committee, Mick Antoniw, to speak? 

No, I refer to the statement I made earlier. 

Fine, thank you very much. Nick Ramsay. No. Neil Hamilton. No. Thank you. Well, there's nothing to reply to unless you want to add something further, Cabinet Secretary. 

No, thank you. 

Thank you. So, the proposal is to agree the motion under item 9. Does any Member object? No. Therefore, item 9, in accordance with Standing Order 12.36, is agreed. 

Motion agreed in accordance with Standing Order 12.36.