The Land Transaction Tax (Specified Amount of Relevant Rent) (Wales) (Amendment) Regulations, SI 2021/119, increase the amount of relevant rent specified in reg 2 of the Land Transaction Tax (Specified Amount of Relevant Rent) (Wales) Regulations, SI 2018/133 from £9,000 to £13,500 with effect from 4 February 2021. Where the relevant rent is equal to or greater than £13,500, the zero-rate tax band threshold in relation to consideration ‘other than rent’ does not apply. Any amount which would have fallen into that zero-rate tax band is treated as falling into the next tax band.
The Welsh Revenue Authority (WRA) has updated its main technical guidance Land Transaction Tax leases: technical guidance (including worked examples) to reflect the £13,500 relevant rent threshold for any transaction completed on or after 4 February 2021. The guidance also covers (at LTTA/4110) the calculation of relevant rent, including where rent is not ascertainable for the complete term of the lease. WRA publishes a useful table setting out the main differences between LTT and SDLT.
The Land Transaction Tax (Specified Amount of Relevant Rent) (Wales) (Amendment) Regulations, SI 2021/119, increase the amount of relevant rent specified in reg 2 of the Land Transaction Tax (Specified Amount of Relevant Rent) (Wales) Regulations, SI 2018/133 from £9,000 to £13,500 with effect from 4 February 2021. Where the relevant rent is equal to or greater than £13,500, the zero-rate tax band threshold in relation to consideration ‘other than rent’ does not apply. Any amount which would have fallen into that zero-rate tax band is treated as falling into the next tax band.
The Welsh Revenue Authority (WRA) has updated its main technical guidance Land Transaction Tax leases: technical guidance (including worked examples) to reflect the £13,500 relevant rent threshold for any transaction completed on or after 4 February 2021. The guidance also covers (at LTTA/4110) the calculation of relevant rent, including where rent is not ascertainable for the complete term of the lease. WRA publishes a useful table setting out the main differences between LTT and SDLT.
