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Welsh land transaction tax to include higher rate for additional properties

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The Welsh government is to introduce amendments to the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Bill, to enable the land transaction tax to include a higher rate levy for additional residential properties.

The Welsh government is to introduce amendments to the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Bill, to enable the land transaction tax to include a higher rate levy for additional residential properties. This recognises the importance of maintaining a consistent rate across the UK when SDLT is devolved in April 2018. The higher rate for additional residential properties is currently 3% over the standard SDLT rates, with a similar rate also applying in Scotland.

The Welsh government carried out a technical consultation over the summer about how the higher rate could be adapted to make it better suited to Wales.

Commenting on the consultation, the finance secretary said: ‘There was a clear view from respondents about the importance of maintaining a single, consistent rate across the UK. I am today announcing that this levy will exist in Wales when land transaction tax, the successor to stamp duty in Wales, comes into force.’

Issue: 1328
Categories: News
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