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Welsh Land Transaction Tax

Posted on 13 April 2018 by Georgia Cavill

As of 1 April 2018, land/property transactions in Wales are subject to Land Transaction Tax. The Welsh Revenue Authority deal with Land Transaction Tax.

The amount of Welsh Land Transaction Tax rate payable is based on the price of the land/property being transferred. The Welsh Land Transaction Tax calculator can be found here: https://lttcalculator.wra.gov.wales/. The rates payable are different to the Stamp Duty Land Tax rates payable in England.

Stamp Duty Land Tax will no longer be payable and no Stamp Duty Land Tax Return needs to be submitted to HMRC for Welsh properties. If the land/property transaction completed before 1 April 2018 and the Return is being submitted in retrospect, then the Return will still need to be submitted to HMRC and the necessary Stamp Duty Land Tax fee paid.

Welsh Land Transaction Tax Returns need to be submitted online via the Welsh Revenue Authority’s online services. It is necessary to register your organisation before Land Transaction Tax Returns can be submitted online.

Upon registration, the Land Registry has confirmed that it will require evidence that the correct Welsh Land Transaction Tax has been paid. If you fail to provide such evidence, then the Land Registry will not complete the application. This aligns with the Land Registry’s procedure in relation to properties in England whereby evidence of Stamp Duty Land Tax having been paid has to be provided with the application.

Posted in: Buying & Selling Your Home