The Welsh government has laid a package of regulations providing the final detail on remaining elements of land transaction tax in time for its introduction in April 2018.
The Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (Amendment to Schedule 5) Regulations, SI 2018/125, extend the exceptions from the higher rate of land transaction tax in Wales with effect from 1 April 2018, to include the buyer’s spouse or civil partner purchasing an additional interest in their only or main residence;
The Land Transaction Tax (Transitional Provisions) (Wales) Regulations, SI 2018/126, make transitional provisions in respect of the introduction of land transaction tax in Wales, specifying the treatment of certain transactions that began under SDLT but have an effective date on or after the commencement date of 1 April 2018;
The Land Transaction Tax (Tax Bands and Tax Rates) (Wales) Regulations, SI 2018/128, specify the tax bands and percentage tax rates for land transaction tax in Wales, applying to chargeable transactions with an effective date on or after 1 April 2018; and
The Land Transaction Tax (Specified Amount of Relevant Rent) (Wales) Regulations, SI 2018/133, specify £9,000 as the amount of relevant rent on a lease at or above which the zero-rate tax band threshold in relation to consideration other than rent does not apply for the purposes of land transaction tax in Wales from 1 April 2018.
The Welsh government has laid a package of regulations providing the final detail on remaining elements of land transaction tax in time for its introduction in April 2018.
The Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (Amendment to Schedule 5) Regulations, SI 2018/125, extend the exceptions from the higher rate of land transaction tax in Wales with effect from 1 April 2018, to include the buyer’s spouse or civil partner purchasing an additional interest in their only or main residence;
The Land Transaction Tax (Transitional Provisions) (Wales) Regulations, SI 2018/126, make transitional provisions in respect of the introduction of land transaction tax in Wales, specifying the treatment of certain transactions that began under SDLT but have an effective date on or after the commencement date of 1 April 2018;
The Land Transaction Tax (Tax Bands and Tax Rates) (Wales) Regulations, SI 2018/128, specify the tax bands and percentage tax rates for land transaction tax in Wales, applying to chargeable transactions with an effective date on or after 1 April 2018; and
The Land Transaction Tax (Specified Amount of Relevant Rent) (Wales) Regulations, SI 2018/133, specify £9,000 as the amount of relevant rent on a lease at or above which the zero-rate tax band threshold in relation to consideration other than rent does not apply for the purposes of land transaction tax in Wales from 1 April 2018.
