Feb
6

NEW LAND TRANSACTION TAX

In Wales only, the Welsh Government have specified the following, which will come into effect on the 1 April 2018. This will replace Stamp Duty.

If you are buying up to £180,000, there will be no tax,

Between £180,000 and £250,000, the tax will be 3.5%,

Between £250,000 and £400,000, the tax will be 5%,

Between £400,000 and £750,000, the tax will be 7.5%

Between £750,000 and £1.5 million, the tax will be 10%.

There are a few transactions over £1.5 million pounds and they will be taxed at 12%.

There are a number of sales in the higher price range, which are speeding through, in an effort to complete before 1 April 2018 and thereby avoid a higher rate of Land Transaction Tax.

In England there will be no stamp duty paid up to £300,000, but thereafter, they will be taxed at 5%, up to £500,000.

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