Stamp duty land tax is to be swept away and replaced by a new Land Transaction Tax (LTT) in Wales, as of Easter Sunday.
While much remains the same—including the 3% surcharge on additional properties—the new tax may lighten the load by as much as £500 for residential properties worth up to £400,000. However, those purchasing homes worth more than £900,000 will pay an extra £16,200.
LTT will be 2.5% for the band £150,000 to £250,000, then 5% up to £400,000, 7.5% up to £750,000, 10% up to £1.5m, and 12% thereafter.
The changes come into force on 1 April courtesy of the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017. The Welsh Revenue Authority is advising all conveyancers to register with them as early as possible as the administration process takes about ten working days to complete.