Land Transaction Tax Update 2020

Land Transaction Tax Update 2020

Fantastic news for property buyers and sellers! Here’s the lowdown on the recent Land Transaction Tax changes

Land transaction tax calculator

What is Land Transaction Tax?

Land Transaction Tax is the tax that must be paid when you purchase a property or a piece of land. It is collected by the Welsh Revenue Authority. Similar to England’s Stamp Duty, the amount of money required depends on the overall price of the property as well as factors like whether it is residential or non-residential and whether or not you are a first-time buyer or purchasing an additional dwelling.
 

Welsh Land Transaction Tax Changes

House price example

LTT % Rate 

LTT % Rate - Additional Property

Up to £180,000 0% 4%
£180,001 - £250,000 3.5% 7.5%
£250,001 - £400,000 5% 9%
 £400,001 - £750,000 7.5% 11.5%
£750,001 - £1,500,000 10% 14%
Over £1,500,000 12% 16%

It's time to get moving

Now is a brilliant time to move and make these savings.