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Wales To Replace Stamp Duty Land Tax

From April 2018, a new Land Transaction Tax will replace the current UK Stamp Duty Land Tax in Wales.

The Land Transaction Tax will be the first new Welsh tax for almost 800 years. It will be similar to the current UK Stamp Duty Land Tax in that it will payable when purchasing land or property in Wales. Scotland has already introduced a similar new tax, which came into force in April 2015.

The rates and bands for the proposed new tax in Wales are due to be set by Welsh Government ministers closer to the launch date, so that they accurately reflect prevailing economic conditions.

The tax is being introduced as part of the Welsh Government’s aim to strengthen Wales’ ability to manage its own affairs and finances.  It is estimated that the land transaction tax will raise £250m a year for the Welsh Government.

If you are looking to purchase or sell property before the tax is enforced, or want to find out more about the implications of the tax, please contact our specialist property and conveyancing department.

Call 02920 224433 or Email post@loosemores.co.uk

 

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