Book a Property Valuation

A breakdown of the changes to Land Transaction Tax in Wales

A breakdown of the changes to Land Transaction Tax in Wales

News & Legislation GPEA 22nd July 2020

Recently, Finance Minister, Rebecca Evans, announced the new temporary changes to Land Transaction Tax (LTT) in Wales. As of 27 July 2020, any properties valued up to £250,000 will require no LTT to be paid. These changes will apply and run up until 31 March 2021. 

New temporary changes explained

Prior to 27 July 2020, there is no tax payable on properties in Wales valued up to £180,000. The Government will now extend this threshold to £250,000. The rates then increase to 5% up to the property value of £400,000, 7.5% up to £750,000, 10% up to £1,500,000 with any amount thereafter taxed at 12%.

Visit gov.wales for more information

Second homes and buy-to-let investments

A 3% surcharge applies to all transactions involving the purchase of an additional property. This includes second homes and buy-to-let investments. The surcharge applies to the full purchase price above an initial threshold of £40,000.

Visit gov.wales for more information

If you are replacing your main residence, the higher rates may not apply.

Specific first-time buyer relief is not currently available under the LTT system.

 

Find out how much LTT you will need to pay on your new home via our Online Calculator.

If you are looking to buy or sell your home today, contact your local Guild Member today.

 

 

Who We Are

Williams & Goodwin The Property People are members of the Guild of Property Professionals, National Association of Estate Agents, Association of Residential Lettings Agents, National Association of Valuers and Auctioneers and are Chartered Valuation Surveyors we are members of a National Network of approximately 800 independently owned and operated Estate Agents.

More about Us






This website was translated by Bla Translation Ltd
mail@bla-translation.co.uk
www.bla-translation.co.uk

Get in Touch

Do you want to find out more about Williams & Goodwin and their services, call or email us today.

Caernarfon - 01286 677 775
Bangor - 01248 355 333
Llangefni - 01248 751 000
Holyhead - 01407 760 500
Property Management - 01248 72 40 40
All Wales Auction - 01248 75 39 39

Click here to see full office details


©2020 Williams & Goodwin The Property People. All rights reserved. Terms and Conditions | Privacy Policy | Cookie Policy | Members Login
Registered in England & Wales. 

Check mortgage eligibility online