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- “If Brexit is about “taking back control” then trying to override the British constitution is a bad start” – Counsel General for Wales
Section highlightLand Transaction Tax
Land Transaction Tax will replace UK Stamp Duty Land Tax in Wales.
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Land Transaction Tax
Like SDLT, LTT will be payable when you buy or lease a building or land over a certain price. It may affect house buyers and sellers and businesses including builders, property developers and agents involved in the transaction process (such as solicitors and conveyancers).
The legislation will broadly be consistent with SDLT, preserving the underlying structure and mirroring key elements such as partnerships, trusts and reliefs, to provide stability and reassurance to businesses and the property market.
Rates of the new tax
Decisions on tax rates will be made closer to April 2018 to reflect economic conditions at that time. The research paper ‘Land Transaction Tax: Setting rates and bands’ outlines some of the issues in setting the rates and bands for LTT.
Additional residential properties
Higher rates of Stamp Duty Land Tax on purchases of additional residential properties (including second homes) came into effect on 1 April 2016.
Following a technical consultation carried out in Wales between July and August 2016, the higher rates will also apply in Wales as part of the LTT legislation.
The bill was introduced into the National Assembly on 12 September 2016.
It is expected that the bill will receive Royal Assent by spring 2017.
Information on the scrutiny of the bill is available at National Assembly for Wales (external link).