Land Transaction Tax will replace UK Stamp Duty Land Tax in Wales from April 2018.
Originally introduced to the National Assembly in September, LTT will be due when the price of property, land or a lease goes over a certain threshold. The introduction of the tax is likely to impact all of those involved in the transaction process, including conveyancers and property developers as well as buyers and sellers.
The main structure of the legislation is largely in line with the SDLT, with trusts, reliefs and partnerships being broadly consistent with the UK legislation. This is with an aim to ensure a level of reassurance and to both businesses and the property market in general, reducing the risk of volatility.
However, whilst the main structure of the legislation will remain the same, certain aspects will be different. These are with an aim to make the tax more simple in its application, make it fairer as well as to improve its effectiveness and efficiency in practice. It also aims to shift the focus of the tax onto Welsh priorities.
Further information on the changes can be accessed here.
