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

 

 

Contact us

Are you looking to move home in the near future? Contact your local Guild Member to begin your journey with a trusted local agent.

 

What impact would a change in Capital Gain Tax have on the property market?

Does direct mail marketing still have a place in today’s digital world?

Upcoming Changes to Land Transaction Tax Rates in Wales

95% Mortgages: Everything You Need to Know

Castles

Aldershot Office
175 Victoria Road
Aldershot
GU11 1JU
United Kingdom


Sales: 01252 333003
Lettings: 01252 333391
aldershot@castles.co.uk

 

          



About Us

Specialists in residential sales and residential lettings in Farnham, Surrey and Aldershot, Hampshire. With 28 years of excellence. We know this business inside out, and with expert local knowledge and a great team we’ll have you on the move before you know it. We offer a unique blend of professional and friendly staff coupled with our 28 years of local expertise and market insight. Thousands of doors opened since 1992!