The Welsh
Government has given effect to the temporarily extended land transaction tax
nil-rate band for residential land transactions between 27 July 2020 and 31
March 2021. The Land Transaction Tax (Temporary Variation of Rates and Bands
for Residential Property Transactions) (Wales) Regulations, SI 2020/794,
disapply the principal bands and rates regulations (SI 2018/128) in relation to
residential property transactions with an effective date falling in that
period. Instead, a new extended nil-rate band applies where relevant
consideration is not more than £250,000. It should be noted that the higher
rates for residential property transactions are not affected by the change and
continue to apply based on the original band thresholds.
The Welsh
Government has given effect to the temporarily extended land transaction tax
nil-rate band for residential land transactions between 27 July 2020 and 31
March 2021. The Land Transaction Tax (Temporary Variation of Rates and Bands
for Residential Property Transactions) (Wales) Regulations, SI 2020/794,
disapply the principal bands and rates regulations (SI 2018/128) in relation to
residential property transactions with an effective date falling in that
period. Instead, a new extended nil-rate band applies where relevant
consideration is not more than £250,000. It should be noted that the higher
rates for residential property transactions are not affected by the change and
continue to apply based on the original band thresholds.
