The Land Transaction Tax (Tax Bands and Tax Rates) (Wales) (Amendment) Regulations, SI 2022/1027 give effect to the Welsh government’s decision to extend the nil-rate band for LTT to £225,000 and establish a new 6% band for the portion of consideration over £225,000 up to £400,000.
The revised rates and bands apply for residential property transactions with an effective date on or after 10 October 2022.
Regulation 5 introduces a protection for buyers who exchanged contracts before 10 October but where the transaction completes after that date. In such cases, the buyer can elect to apply the bands and rates that were in place before that date.
The Land Transaction Tax (Tax Bands and Tax Rates) (Wales) (Amendment) Regulations, SI 2022/1027 give effect to the Welsh government’s decision to extend the nil-rate band for LTT to £225,000 and establish a new 6% band for the portion of consideration over £225,000 up to £400,000.
The revised rates and bands apply for residential property transactions with an effective date on or after 10 October 2022.
Regulation 5 introduces a protection for buyers who exchanged contracts before 10 October but where the transaction completes after that date. In such cases, the buyer can elect to apply the bands and rates that were in place before that date.
