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New Land Transaction Tax for Wales

Thursday 29 March 2018

The Welsh Government and the National Assembly for Wales will become responsible for some of the taxes paid in Wales from 1 April 2018 including Land Transaction Tax.

What you need to know

Land Transaction Tax (LTT) will be collected by Welsh Revenue Authority, which has been set up to manage devolved taxes in Wales. HMRC will not accept SDLT returns for land transactions in Wales for sales on or after 1 April 2018. LTT replaces Stamp Duty Land Tax (SDLT) in Wales.

Solicitors and legal conveyancers will need to register to file LTT returns online. 

Residential tax rates

The LTT incorporates new thresholds, with a 3.5% charge on properties between £180,000 and £250,000 and then 5% on the portion between £250,001 to £400,000, 7.5% on £400,001 to £750,001, 10% on £750,000 to £1.5m and then 12% on anything above £1.5m.

Purchases of second homes and buy-to-let property

Higher rates of Stamp Duty Land Tax on purchases of additional residential properties (including second homes) came into effect in Wales on 1 April 2016. These will continue under LTT.

Stamp duty calculator

The Welsh Revenue Authority have created a LTT Calculator to help people work out the amount of LTT they will need to pay for Welsh transactions completed on or after 1 April 2018.

Guidance

The Welsh Revenue Authority website is the best place to go for guidance on the changes and includes information on cross-border transactions and how the taxpayer is under an obligation to split the consideration given, based on the relative value of the land that falls into each tax jurisdiction.

Don’t forget the ARLA Propertymark legal helpline is also here to help.