Upcoming Changes to Land Transaction Tax Rates in Wales - Upcoming Changes to Land Transaction Tax Rates in Wales Book a Property Valuation
News & Legislation March 4, 2021
     

Upcoming Changes to Land Transaction Tax Rates in Wales

As of 1 July 2021, there will be changes to Land Transaction Tax (LTT) in Wales. Up until 30 June 2021, LTT is payable when you purchase or lease a property above the threshold of £250,000. Therefore, currently, no tax is payable on the first £250,000 of a property. LTT is 5% on properties up to £400,000, 7.5% up to £750,000, 10% up to £1,500,000 with any amount thereafter taxed at 12%. However, this is due to change in a few months’ time.

 

Transactions with an effective date on or after 1 July 2021

As of 1 July 2021, the LTT paid on a property will revert back to the residential tax rates prior to the temporary changes implemented in July 2020.

When you buy a residential property (freehold or leasehold) you will be required to pay 3.5% LTT on properties between the value of £180,001 and £250,000, 5% on properties between £250,001 and £400,000, 7.5% on properties between £400,001 and £750,000, 10% on those between £750,001 and £1,500,000, with any amount thereafter taxed at 12%. However, if you purchase a property for up to and including £180,000, no LTT is to be paid.

 

Visit gov.wales for more information

 

 

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Welcome to Homecare Estates As an experienced independent sales and lettings estate agent in Wallington we provide a unique range of market intelligence and unbiased professional advice. Some of the areas we cover include Wallington, Carshalton, Carshalton Beeches, Sutton, Belmont, Hackbridge, Beddington, Croydon and Purley. We hope we can be of service to you.