Buying a residential property in Wales?
Make yourself aware of the changes now!
Wales will no longer follow the system of Stamp Duty Land Tax (SDLT) under HM Revenue & Customs. As from April 2018 Wales will be working with the new Welsh Revenue Authority (WRA), who are a non-ministerial department of the Welsh Government that will be responsible for collecting and managing Land Transaction Tax (LTT).
What are the differences?
The first time buyer’s exemption rule, which was brought in to England in November 2017 will not apply in Wales.
Under this new system purchasers will pay tax on the amount between bands, and not the full purchase price.
If the purchase of the new property results in a person owning more than one property the rate of LTT will be slightly higher.
Please see below a table setting out the bands and rates for the new LTT system.
|Bands||Normal Rate||Additional Property Rate|
|Less than £150K||0%||3%|
Please do contact me if you have any further enquiries.