Members of Propertymark outlined in a survey said they would welcome LTT communication material to be able to share with home buyers.
For anyone buying a property in Wales, LTT may need to be paid when purchasing a property over £180,000. LTT replaced Stamp Duty Land Tax in Wales in April 2018 and is collected and managed by WRA, with the tax collected being utilised to help support Welsh public services.
LTT rates and bands
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 £180,000. If a spouse, civil partner, or child already owns a property, additional guidelines will apply.
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.