On 27 September 2022, the Welsh Government announced the main residential rates of Land Transaction Tax (LTT) are due to change on 10 October 2022.
From 1st April 2108, in Wales, Stamp Duty Land Tax (SDLT) will be replaced by Land Transaction Tax (LTT).
The framework is similar to LTT but the rages and amounts differ.
The following is prepared as a guide only. Prospective purchasers should obtain detailed advice before committing to a purchase.
The rates have changed and the latest information (at February 2021) is as follows :
Land Transaction Tax (LTT) Wales
A handy calculator for the amount payable is available on the Welsh Government Website here
|Price Paid||LTLT Rate||LTT 2nd Property|
|up to £180,000 (increases to £225,000 on 10th October 2022)||0%||4% (inc from 3% to 4% January 2021)|
|£180,000+ to £250,000 (band changes on 10th October)||3.5%||3.5% + 4% = 7.5%|
|£250,000+ to £400,000 (band changes on 10th October)||5%||5% + 4% = 9%|
|£400,000+ to £750,000||7.5%||7.5% + 4% = 11.5%|
|£750,000+ to £1.5M||10%||10% + 4% = 14%|
|Over £1.5M+||12%||12% + 4% = 16%|
* Note reduced rates of LTT from 27th July to 31st March 2021- extended to end June - this has now ended.
If you buy a property for more than £250,000, you pay Land Transaction Tax (LTT). The amount payable depends on the purchase price of the property.
There is an additional 4% stamp duty on all buy to let purchases and on the purchase of a second home.
The above information is to provided as a guide and should not be relied upon by buyers or sellers - please take advice before making any commitment to buy or sell.
Updated 25th August 2021