Substantial changes in Stamp Duty payable by house buyers in Wales have been announced.
Although the changes will, according to the Welsh Government, mean that nine out of ten buyers will pay the same or less than they do at the moment, there will be big winners and losers.
In Wales, Land Transaction Tax will replace Stamp Duty Land Tax from April 1. It is the first Welsh-only tax in almost 800 years.
Mark Hayward, chief executive of NAEA Propertymark, said: “This is a welcome move for the Welsh housing market and we’re pleased the Welsh Government has listened to our proposals to raise the band for this lower rate. The rate up to which buyers won’t have to pay any Stamp Duty will be £150,000 from 2017 – the same value as the average house price in Wales.
“This means a huge number of house buyers will no longer have to pay any Stamp Duty at all. However, the move creates further bands for properties in excess of £250,000, and those properties will now attract a higher rate of Stamp Duty Land Tax than they would have previously.”
For further more detailed information please click on the link below from the Welsh Government website
http://gov.wales/funding/fiscal-reform/welsh-taxes/land-transaction-tax/?lang=en