For anyone buying a property in Wales, LTT may need to be paid when purchasing a property over £225,000. LTT replaced Stamp Duty Land Tax in Wales in April 2018 and is collected and managed by the WRA and the tax collected is utilised to help support Welsh public services.
We are very pleased to have collaborated with the Welsh Revenue Authority in putting together this guidance ensuring consumers have all the information they need upfront to make informed decisions.
The guidance should prove invaluable for agents to provide prospective home buyers information to ensure they understand the amount of tax they need to pay and when.
We’ve developed a Welsh way of doing tax. It’s about working in partnership to help people pay the right amount of tax at the right time. We’ve worked with Propertymark for some time now and welcomed the feedback from their survey. We hope businesses will take advantage of this free, new online resource.
LTT rates and bands
The Welsh Government sets the rates and bands. To help estimate how much tax is payable, there is a tax calculator on the WRA's website.
Land Transaction Tax in Wales
LTT has replaced stamp duty in Wales when the legislation was first developed we played a key role in lobbying for tax bands better suited to the value of property in Wales.
First-time buyers’ relief
First-time buyers’ relief is not available in Wales. Instead, if that is the only property owned, LTT will need to be paid if it costs more than £225,000. If a spouse, civil partner, or child already owns a property, additional guidelines will apply.
Additional properties
There are different rules if you own more than one residential property. Higher residential rates may need to be paid if the purchased property is over £40,000. The WRA’s online guidance provides further information.
