The Welsh Government have recently announced changes to the former Stamp Duty Land Tax. From next April 1st it will be known as Land Transaction Tax.
The Wales Act 2014 and Wales Act 2017 devolved taxation and borrowing powers to the Welsh Government and National Assembly for Wales.
Land transaction tax will replace stamp duty land tax which means that these will be the first specifically Welsh taxes in almost 800 years.
The aim of this new tax is to make it fairer and simpler. Property purchases below £180,000 are now exempt as the new threshold is £55,000 higher than the starting threshold for stamp duty land tax. The Welsh Government state that this will reduce the tax burden for around 24,000 homebuyers – including first-time buyers and families in Wales.
The table below shows the revised tax rates