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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
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
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:
Anyone who wants to read the draft bill can find it >>> here.
Sorry I’m confused (and new to this but looking to buy and sell on in Wales) Does that mean there is still a 3% stamp duty on properties up to £150 000 (if the 3% is additional to zero)?
This article is about the proposed Land Transaction Tax in Wales. It will only apply after 1 April 2018 and then only in Wales. This will mean that England will have SDLT, whilst Scotland will Have LBTT and Wales will have LTT. All three have a common basis but also some very important differences.
So Whilst HMRC says 'Tax doesn't have to be Taxing' the reality is totally the opposite.
Quite! Thanks for the clarification.
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.
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!!
Easy enough to check - how about https://www.rightmove.co.uk/property-for-...13492.html
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!
The Welsh Government has revealed the bands and rates for its new Land Transaction Tax, which replaces stamp duty in the principality from next April.
Home up to £180,000 will have no LTT liability; those priced from £180,001 to £250,000 will have 3.5 per cent LTT; and homes selling for £250,001 to £400,000 will have five per cent.
Higher priced homes from £400,001 to £750,000 will have 7.5 per cent LTT; those priced £750,001 to £1.5m will have 10 per cent, and those above £1.5m will require a buyer to pay 12 per cent.Full/source article
This appears to be good news for buying in Wales. I see there is a proposal for an additional 3% LTT on additional homes in line with SDLT. What are the proposals for commercial and mixed use properties?
Also, if you purchase a small portfolio, say 3 properties at £150k each would you pay 0% LTT plus 3% for additional properties or 7.5% LTT for the portfolio as per SDLT?