Land Transaction Tax
-
Housing Market
Estate agents slam Welsh Stamp Duty hike plans for second homes
Stamp Duty or LTT variation would complicate the buying process, and negatively impact the market, says Propertymark.
Read More » -
Latest property news
Tax bombshell: Wales confirms ‘no stamp duty’ extension and hits landlords hard
Double blow for sales market in Wales announced yesterday prompts furious response from NRLA.
Read More » -
Latest property news
Welsh buyers rush to complete before April 1st Stamp Duty hikes
A predicted rush to sell Welsh properties at the top end of its property market has been taking place in recent weeks as buyers have attempted to beat the April 1st deadline for the principality’s new devolved Stamp Duty regime. The way that the slabs of tax banding are now arranged in Wales mean the duty rises more harshly than in England for those who buy properties over £402,000, although the new system is more generous to those buying under this price threshold than the English system. Although a £402,000 buyer pays only £200 more than their English counterpart, the differences are more stark further up the value chain. For example, a home worth £500,000 in England attracts a Stamp Duty bill of £15,000 while the same purchaser in Wales will pay an LTT charge of £17,500. But a house worth £1.5 million will attract an LTT bill that’s £17,450 higher than a similar English property. Rush to complete Welsh law firm Geldards recently predicted that the changes would lead to a “stampede” in upmarket buyers completing before this Sunday. But removals website CompareMyMove.com, which is based in Wales, says overall the new LTT will benefit most ‘average’ Welsh buyers.…
Read More » -
Latest property news
Wales debates what to do with own Stamp Duty in April 2018
The Welsh government is consulting on what to do when it takes control of Stamp Duty with a local version called Welsh Land Transaction Tax, in April next year. Landlord groups including the Welsh arm of the Residential Landlords Association director Douglas Haig (pictured, left) are calling for the 3% levy on buy-to-let and second homes to be scrapped because it will ‘limit supply and push up rents’, it is claimed. The RLA says landlords in Wales have seen the average Stamp Duty bill rise from several hundred pounds to £4,850 since the new rate was introduced across the UK. But the RLA is unlikely to get its way in Wales. A Welsh government spokesman told the BBC that the additional revenue of £58m created by the 3% additional tax will be “essential to the delivery of public services across Wales”. Agents have been represented at the enquiry into the devolved LTT by the NAEA whose MD Mark Hayward (pictured, right) spoke to officials in October last year. He recommended a gradual changeover to allow for a “full discussion and full awareness as to not skew the market”. Welsh Cabinet finance and communities Secretary Mark Drakeford said he wanted to…
Read More »
