sdlt.co.uk

Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Bill

26th May 2017

The first Welsh tax in almost 800 years received royal assent on 24 May 2016.

 

 

The Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Bill has become the first Act of the Welsh Assembly involving taxation. Land Transaction Tax (LTT) will replace Stamp Duty Land Tax (SDLT) in Wales in April 2018. 

In the same way that Stamp Duty Land Tax applies in Wales now, Land Transaction Tax will be payable on the purchase or lease of a building or land in Wales over a certain price with an additional charge applicable for any purchase of additional residential properties.

Transactions involving properties which straddle the border between England and Wales will need to submit both an SDLT and an LTT Return.

Proposed Land Transaction Tax rates and bands are expected to be announced in October 2017.

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