Business News

Wales Begins Collection Of Devolved Property Tax

Property taxes have changed in Wales, as land transaction tax (LTT) came into effect as of 1 April 2018.

This replaced stamp duty land tax, which applied to properties worth more than £125,000 or £300,000 for first-time buyers in England, Northern Ireland and Wales.

Instead, all homes in Wales worth up to £180,000 are now exempt from tax under the new rates.

Above this threshold, the following rates apply:

Price thresholdLTT rate
£180,001 to £250,0003.5%
£250,001 to £400,0005%
£400,001 to £750,0007.5%
£750,001 to £1.5 million10%
More than £1.5 million12%

LTT will be collected by the Welsh Revenue Authority, along with a landfills disposals tax in place of landfill tax.

Further changes are set to follow next year, with the introduction of Welsh rates of income tax from 6 April 2019.

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