Land Transaction Tax now in force in Wales

April saw the implementation of the Land Transaction Tax (LLT) which has replaced Stamp Duty Land Tax in Wales.

The Tax will still be payable when buying or leasing a building or land over a certain price and the legislation is in the most part consistent with Stamp Duty.

Changes that have been made are, accordingly to the Welsh government, to:

• “Simplify the tax and make it fairer
• Improve its efficiency and effectiveness
• Focus on Welsh needs and priorities.”

A new body, the Welsh Revenue Authority (WRA) will be responsible for collecting LLT.

Whilst the higher rates of Tax payable on additional residential properties will remain in line with Stamp Duty there are differences in the tax rates and tax bands which are available from http://gov.wales/funding/fiscal-reform/welsh-taxes/land-transaction-tax/?lang=en

You can also find the WRA tax calculator at https://beta.gov.wales/land-transaction-tax-calculator