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Land Transaction Tax (LTT) Update

Land Transaction Tax (LTT) Update

Yesterday, the Welsh Government announced that the temporary increase to the nil rate band of LTT for residential property transactions will be extended to 30 June 2021.

Land Transaction Tax (LTT) tax is paid on property transactions in Wales, equivalent to stamp duty (England/N Ireland) and LBTT (Scotland).

The different LTT rates and bands for different types of property, set by Welsh Ministers fall under main residential, higher residential, non-residential and rentals. The amount you pay depends on when you bought the property, whether it’s residential or not and how much you paid for it.

Gov Wales’ website page on land transaction tax rates, holds latest band information and a calculator for working out how much tax you will pay:

Land Transaction Tax rates and bands | GOV.WALES

Let’s Talk

If you are a South Wales based property developer or landlord and would like some locally specific advice, please contact our team. We have a long track record of working with clients in the land and property sector. Our offices are in Carmarthen, Haverfordwest, Tenby, Lampeter and Cross Hands. Email us on info@lhp.co.uk to find out how we can help you.

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