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  • Tax

    New Stamp Duty rates announced for Wales

    Huge 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.

    The changes also mean that some home buyers in Wales – those paying more than £400,000 –  will pay more than their counterparts in England.

    For example, someone buying a £500,000 home in Wales will pay £17,500 in Stamp Duty, compared with £15,000 in England.



    Full/source article

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    Hi Vanessa thanks for posting this.  However the changes only apply from 1 April 2018 when the ability to set taxes is devolved to the Welsh Government. 

    Accordingly there is time to make purchases under the existing rules and no doubt there will be a rush to complete on purchases prior to that date. 

    The additional 3% on second homes is being retained but the draft finance bill does not state whether the rules on this will be the same as in England or amended slightly as they did in Scotland.  No doubt we will get more details on this when the final Bill is released closer to the date.

    One other item I would point out is that your percentages for the new Land Transaction Tax in Wales are slightly out.  They should be:

    • Up to £150k - 0%
    • £150k - £250k - 2.5%
    • £250k - £400k - 5.0%
    • £400k - £750k - 7.5%
    • £750k - £1.5m - 10%
    • £1.5m plus - 12.0%

    Anyone who wants to read the draft bill can find it >>> here.

    Regards

    Nigel

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    This is not good news for the sales market imho. Govt's don't seem to realise that with house sales/purchases comes the opportunity for other businesses to make money such as those offering removals, new kitchens/bathrooms/refurbs when selling and buying etc.

    A classic example: in a road not far from me on one side there are 20 houses - 12 of them have now had loft conversions. Previously some of those people might have moved but when the costs of doing work is not much higher than the costs of selling/moving/buying then that is an opportunity lost for the Govt. to rake in some cash.

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    Is it possible to buy a decent little 3 bed Welsh cottage for £150000 or less in a good area, say near Cardiff!!?

    I might be interested!!

    Like no SDLT!!

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    Yep I reckon  there will be quite a few Welsh properties that keep under £150000

    The only issue I need to consider is whether the property would be attractive to lodgers.

    But I guess  for that I would need to look at pricier properties.

    It will be either a house or a new wide beam canal boat!

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