Wales will introduce the Land Transaction Tax (LTT), its own version of Stamp Duty Land Tax (SDLT), in April 2018 but the lower threshold for the tax has already been reduced by the Welsh Government.
The Rates and bands for this new tax were announced in September 2017 and have already been amended before the tax is even in effect. The original threshold below which no LTT was due for residential property was £150,000. This has been increased to £180,000 meaning that properties in Wales will have an advantage over those in England where SDLT starts at £125,000 for non-first-time buyers, and in Scotland where the Land and Buildings Tax equivalent starts at £145,000.
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