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.’
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.’
