14:51 PM, 15th July 2020, About A year ago
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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