Welsh Land Transaction Tax (LTT)
From 1 April 2018, Wales will roll out its own stamp duty equivalent, the Land Transaction Tax (LTT), which preserves the essential structure of SDLT but with some key differences, including a higher starting threshold, together with higher rates of duty for some residential properties with a greater value. The existing first-time buyer exemption will also be removed.
The proposed new LTT rates are:
| Residential (£) | Rate (%) |
|---|---|
| Up to 180,000 | 0 |
| 180,000 - 250,000 | 3.5 |
| 250,000 - 400,000 | 5 |
| 400,000 - 750,000 | 7.5 |
| 750,000 - 1,500,000 | 10 |
| Over 1,500,000 | 12 |
Additional LTT of 3% may apply to the purchase of additional residential properties.
| Non-residential (£) | Rate (%) |
|---|---|
| Up to 150,000 | 0 |
| 150,000 - 250,000 | 1 |
| 250,000 - 1,000,000 | 5 |
| Over 1,000,000 | 6 |