Temporary Welsh increase to nil rate band of LTT for main residences only
The Welsh Government has announced a temporary increase to the nil rate band of Land Transaction Tax (LTT) to £250,00 for main residence property transactions from 27th July 2020 until 31st March 2021.
The tax paid for higher rate residential or non-residential transactions are unchanged.
There will still be additional rates to pay for landlords on investment property below the £250,00 threshold and unlike England no benefit will be derived from this announcement to encourage landlord purchases.
The new temporary and higher rates can be seen in the tables below:
| Price Threshold | Main Residential Rate |
|---|---|
| The portion up to and including £250,000 | 0% |
| The portion over £250,000 up to and including £400,000 | 5% |
| The portion over £400,000 up to and including £750,000 | 7.5% |
| The portion over £750,000 up to and including £1,500,000 | 10% |
| The portion over £1,500,000 | 12% |
| Price Threshold | Higher Residential Rate |
|---|---|
| The portion up to and including £180,000 | 3% |
| The portion over £180,000 up to and including £250,000 | 6.5% |
| The portion over £250,000 up to and including £400,000 | 8% |
| The portion over £400,000 up to and including £750,000 | 10.5% |
| The portion over £750,000 up to and including £1,500,000 | 13% |
| The portion over £1,500,000 | 15% |
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