The Welsh Government intends to introduce legislation to allow taxpayers to claim a refund of the higher rates of land transaction tax (LTT) where they are replacing their main residence and have sold their previous main residence more than three years after purchasing the new property, where ‘truly exceptional’ circumstances related to issues with unsafe cladding prevented the sale from being completed more quickly.
The higher residential rates apply where the buyer already owns one or more residential properties. If the buyer replaces their main residence and sells their previous main residence within three years of buying their new main residence, the buyer can claim a refund of the higher rates element of the LTT paid.
The Welsh Government intends to introduce legislation to allow taxpayers to claim a refund of the higher rates of land transaction tax (LTT) where they are replacing their main residence and have sold their previous main residence more than three years after purchasing the new property, where ‘truly exceptional’ circumstances related to issues with unsafe cladding prevented the sale from being completed more quickly.
The higher residential rates apply where the buyer already owns one or more residential properties. If the buyer replaces their main residence and sells their previous main residence within three years of buying their new main residence, the buyer can claim a refund of the higher rates element of the LTT paid.
