Land Transaction Tax return guidance - About the calculation (all transactions)
Guidance on how to complete a Land Transaction Tax (LTT) return using Welsh Revenue Authority (WRA) services.
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What is the date of contract?
Date must be in dd/mm/yyyy format, for example, ‘31/01/2023’ and must be today’s date or a date in the past. You can enter a future date or leave blank to demonstrate likely tax amount. However, the actual date must be input at the point of submission.
Use the effective date if there's not a contract date for the transaction.
What is the effective date of the transaction?
The effective date of a land transaction is usually the date that the transaction is completed; not the date contracts are exchanged. However, there are also rules around ‘substantial performance’, which mean that LTT could be due at an earlier date.
Further guidance on ‘substantial performance’
Date must be in dd/mm/yyyy format, for example’ ‘01/04/2018’. You can enter a future date or leave blank to demonstrate likely tax amount. However, the actual date must be input at the point of submission.
Are you claiming tax relief?
Answer ‘Yes’ if the buyer is claiming any of the tax reliefs available under LTT rules.
If the buyer is not claiming a relief, answer ‘No’ and you’ll be taken to the next section ‘What is the total consideration in money or money’s worth, including any VAT actually payable, for the transaction (including any premiums)?’
There’s no first-time buyers’ relief in Wales.
You should note that a relief is not the same as an exemption. If a transaction is exempt from LTT, there’s no need to file a return.
What tax reliefs are you claiming?
Select all the reliefs that the buyer is claiming for.
|
Code |
Description of relief |
|---|---|
|
001 |
Certain acquisitions of dwellings |
|
002 |
Charities relief |
|
003 |
Group relief |
|
004 |
Social housing |
|
005 |
Pre-completion – qualifying subsales |
|
006 |
Pre-completion – assignment of rights |
|
007 |
Sale and leaseback relief |
|
008 |
APFR: leased to person |
|
009 |
APFR: re-sold to person |
|
010 |
AFIBR: first and second |
|
011 |
Health service and public bodies |
|
021 |
Incorporation of LLP |
|
022 |
Reconstruction |
|
023 |
Building societies, friendly societies |
|
024 |
OEIC |
|
025 |
Compulsory purchase |
|
026 |
Planning obligations |
|
027 |
Property trader |
|
028 |
Relocation of employment |
|
029 |
Shared ownership |
|
031 |
Relief contained in schedule 22 LTTA and diplomatic relief |
|
050 |
Partial - Multiple dwellings |
|
051 |
Partial - Certain acquisitions of dwellings |
|
052 |
Partial - Charity relief |
|
053 |
Partial - Pre-completion |
|
054 |
Partial - Acquisition relief |
|
055 |
Partial - Property trader |
|
056 |
Partial - Relocation of employment |
|
057 |
Partial - Collective rights |
|
058 |
Partial - Contingent consideration |
|
059 |
Partial - Shared ownership |
Is relief being claimed on part of the transaction only?
If the relief does not reduce the amount of consideration chargeable to LTT to £0, answer ‘Yes’. Otherwise, answer ‘No’.
Enter the amount remaining chargeable
Enter the amount of consideration (in money or money’s worth, including VAT), which remains chargeable to LTT after all applicable reliefs have been taken into account.
Enter the amount rounded down to the nearest whole pound.
How many dwellings are being purchased?
Enter the total number of dwellings bought as part of this purchase.
What is the chargeable consideration given for the purchased dwellings?
Enter the amount rounded down to the nearest pound.
Are any of the purchased dwellings subsidiary?
Answer ‘Yes’ if there any subsidiary dwellings. Otherwise, answer ‘No’.
How many of the dwellings are subsidiary?
Enter the number of subsidiary dwellings.
What is the chargeable consideration given for the subsidiary dwellings?
Enter the amount rounded down to the nearest pound.
Does the transaction include any other land, such as non-residential land?
Answer ‘Yes’ if there is any other land. Otherwise, answer ‘No’.
What is the chargeable consideration given for the other land?
Enter the amount rounded down to the nearest pound.
What is the total consideration, other than rent, in money or money’s worth, including any VAT actually payable, for the transaction (including any premiums)?
Enter the total consideration being paid for as much of the transaction subject to LTT (exclude any part of the transaction subject to SDLT in England or LBTT in Scotland).
The amount you enter as consideration should include the following where appropriate:
- the total consideration in money or money’s worth given by the buyer, in whatever form, for the land or property
- the total consideration given for the assignment
- any premium
- if there is a legal requirement for LTT to be paid on the market value, state the market value
- any VAT actually payable
Where the transaction involves a lease, it should not include rent.
Enter the amount rounded down to the nearest pound.