Alongside the announcement of its draft Budget for 2018/19, the Welsh government has published rates and bands for the new land transaction tax (LTT) and landfill disposals tax (LDT), which will replace SDLT and landfill tax respectively in Wales from 1 April 2018.
Alongside the announcement of its draft Budget for 2018/19, the Welsh government has published rates and bands for the new land transaction tax (LTT) and landfill disposals tax (LDT), which will replace SDLT and landfill tax respectively in Wales from 1 April 2018.
The threshold for LTT will be £150,000, with rates for residential properties rising to 12% above £1.5m. For non-residential properties, the rate will rise to 6% above £1m. For additional residential properties, the higher rate will be 3% on top of the main rate in each band.
The standard and lower rate of LDT in Wales will be aligned with UK landfill tax rates for the first two years. The new unauthorised disposals rate will be set at 150% of the standard rate.
Announcing the new rates and bands, finance secretary Mark Drakeford said: ‘Wales will have the highest starting threshold for the property tax in the UK. And Wales will become the first country in the UK to introduce a new higher rate of landfill disposals tax to deter people from disposing of waste illegally.’
The finance secretary also announced a shortlist of four new devolved taxes to be considered for implementation in Wales: vacant land tax; disposable plastic tax; tourism tax; and a levy to support social care. One of these will be put to the UK government in 2018 to test the Welsh government’s powers for additional devolved taxes under the Wales Act 2014.
The following secondary legislation brings into force certain provisions for the devolved taxes:
Alongside the announcement of its draft Budget for 2018/19, the Welsh government has published rates and bands for the new land transaction tax (LTT) and landfill disposals tax (LDT), which will replace SDLT and landfill tax respectively in Wales from 1 April 2018.
Alongside the announcement of its draft Budget for 2018/19, the Welsh government has published rates and bands for the new land transaction tax (LTT) and landfill disposals tax (LDT), which will replace SDLT and landfill tax respectively in Wales from 1 April 2018.
The threshold for LTT will be £150,000, with rates for residential properties rising to 12% above £1.5m. For non-residential properties, the rate will rise to 6% above £1m. For additional residential properties, the higher rate will be 3% on top of the main rate in each band.
The standard and lower rate of LDT in Wales will be aligned with UK landfill tax rates for the first two years. The new unauthorised disposals rate will be set at 150% of the standard rate.
Announcing the new rates and bands, finance secretary Mark Drakeford said: ‘Wales will have the highest starting threshold for the property tax in the UK. And Wales will become the first country in the UK to introduce a new higher rate of landfill disposals tax to deter people from disposing of waste illegally.’
The finance secretary also announced a shortlist of four new devolved taxes to be considered for implementation in Wales: vacant land tax; disposable plastic tax; tourism tax; and a levy to support social care. One of these will be put to the UK government in 2018 to test the Welsh government’s powers for additional devolved taxes under the Wales Act 2014.
The following secondary legislation brings into force certain provisions for the devolved taxes: