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Buying a Property in Wales? St...

Buying a Property in Wales? Stamp Duty Land Tax has recently changed…

Buying a Property in Wales? Stamp Duty Land Tax has recently changed…

As of 1st April 2018, SDLT was replaced by Land Transaction Tax in Wales. Like SDLT, LTT is payable when you purchase a property or lease a build or land over a certain price. The difference is that LTT is only payable on purchases over £180,000 (rather than the current £125,000 starting band for SDLT) and unlike with SDLT there is no First Time Buyers Relief.

The Residential LTT Rates are as follows:

Price Threshold Residential Rates
£0-£180,000 0%
£180,000-£250,000 3.5%
£250,000-£400,000 5%
£400,000-£750,000 7.5%
£750,000-£1.5m 10%
Over £1.5m 12%

 

The Residential SDLT Rates as are follows:

Price Threshold Residential Rates
£0-£125,000 0%
£125,000-£250,000 2%
£250,000-£925,000 5%
£925,000-£1.5m 10%
Over £1.5m 12%

 

Purchasers of an additional residential property and any purchase by a company will be subject to a higher rate LTT of 3% in line with the current higher rates of SDLT.

If you have any questions or queries about the new LTT or about purchasing a property in Wales, please contact our Conveyancing Department today on 0151 480 5777 or at property@levinslaw.co.uk

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