Welsh Government extends Land Transaction Tax holiday
- 4th March 2021
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Welsh Government has announced that the Land Transaction Tax holiday, which was due to end this month, has been extended to 30th June 2021.
People buying their main residential property in Wales costing less than £250,000 will not pay any Land Transaction Tax. The extension will apply to transactions that complete from 1 April 2021 to 30 June 2021. From 1 July 2021 the Land Transaction Tax residential property transaction rates and thresholds will revert to those that applied prior to 27 July 2020.
The extended threshold will 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.
For more information about the Land Transaction Tax holiday, 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.