From next year, stamp duty land tax powers will be devolved to the Welsh government. It will be implemented under the Land Transaction Tax and Anti-Avoidance of Devolved Taxes (Wales) Bill which was first announced in September 2016. Land Transaction Tax (LLT) will replace SDLT in the country but will still work in the same way, being charged on property purchases over a certain price. The tax, which is the first Welsh tax in more than 800 years, is expected to be introduced in April 2018 and will be collected by the Welsh Revenue Authority.
The regulations involved with the new bill are expected to be set after this year’s Autumn Statement and tax rates and bands to be announced by October by Finance Secretary Mark Drakeford. By 2018-19 the tax is expected to raise around £263 million for the country, and it will be the Welsh governments responsibility to distribute this among public services. Commenting on the tax, Professor Drakeford said “This is a tax which affects so many of us. Once law, the Bill will enable us to introduce a land transaction tax to replace stamp duty land tax, ensuring public services in Wales will continue to benefit from the revenues raised by this important tax”
As the leading provider of conveyancing searches in Wales, LegalinX-7Side welcome the changes being brought forward that will allow for the revenue taken from house purchases in Wales to be spent on local public services, such as housing. We have over 20 years’ experience in providing all necessary conveyancing searches for both residential and commercial transactions nationwide. Our user friendly ordering platform features recommended searches and an area mapping facility with reports sent directly to you. Our experienced and enthusiastic property team are always on hand to assist with cases, ensuring our clients receive the best service along with their searches. For more information on LegalinX-7Side products and services visit our Conveyancing Searches page.