Stamp Duty In Wales has been replaced by LTT - Land Transaction Tax. LTT is based on the taxrates and bands which were approved by Welsh Parliament and will only apply when you buy a property over £250,000 (Up until June 2021) or it is a second property.
Any property below £250,000 has an LTT rate of 0% meaning you do not have to pay any tax to the government. Any property between £250,000 and £400,000 will incur a 5% tax.
Stamp Duty Land Tax is currently set at a threshold of £500,000 meaning you do not have to pay any tax until you buy a property over that amount. However, this is due to change from July 1st 2021.
From July 2021 the SDLT threshold will be £250,000 for any residential property. Over this amount for the next £675,000 you will incur a 5% SDLT rate. First-time buyers will now see discount (relief applied to this rate) Zero tax for properties under £500,000.
Stamp Duty In Wales has been replaced by LTT - Land Transaction Tax. LTT is based on the taxrates and bands which were approved by Welsh Parliament and will only apply when you buy a property over £250,000 (Up until June 2021) or it is a second property.
Any property below £250,000 has an LTT rate of 0% meaning you do not have to pay any tax to the government. Any property between £250,000 and £400,000 will incur a 5% tax.
Stamp Duty Land Tax is currently set at a threshold of £500,000 meaning you do not have to pay any tax until you buy a property over that amount. However, this is due to change from July 1st 2021.
From July 2021 the SDLT threshold will be £250,000 for any residential property. Over this amount for the next £675,000 you will incur a 5% SDLT rate. First-time buyers will now see discount (relief applied to this rate) Zero tax for properties under £500,000.
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