Welsh Government announces changes to Land Transaction Tax
- 14th July 2020
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People buying their main residential property in Wales costing less than £250,000 will not pay any Land Transaction Tax (LTT) under temporary measures announced by the Welsh Government.
The starting threshold for LTT will increase from £180,000 to £250,000 for the residential main rates, when this new measure is introduced on Monday 27 July. This is a tax reduction that will last until 31st March 2021.
The new threshold will further reduce the tax burden for homebuyers in Wales. Around 80% of homebuyers liable to the main rates of land transaction tax will not pay any tax. This will be a tax reduction of £2,450 per transaction.
This tax reduction will not apply to purchases on additional properties including buy to let and second homes in Wales.
Last week, the UK Government announced a temporary holiday on stamp duty on the first £500,000 of all property sales in England and Northern Ireland.
For more information please read the full press release.
If you need specialist advice, guidance or support from our team of legal experts, please email email@example.com or call us on 02920 224433. Please contact James Pearn, Partner and Head of Property at Loosemores to find out more.