New tax bands for Wales announced
From April 2018, Land Transaction Tax (LTT) will replace Stamp Duty Land Tax (SDLT) for residential property sales.
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Under the new rates for LTT, Wales will have the highest starting threshold for the property tax in the UK. However, for homes worth over £750,000 a rate of 10% is planned. Properties above £1.5m will attract a rate of 12%.
The following rates are planned:
For people buying an additional residential property, the higher rate of tax will be levied – an additional 3% on top of the main residential rate in each band; this is the same as under the current stamp duty land tax regime.