New Stamp Duty tax rates announced for Wales

It’s not been a great week for Wales - and the announcement of the new Land Transaction Tax signals a real own-goal for some homebuyers in the country.

The Land Transaction Tax – the first Welsh-only tax for 800 years - will replace Stamp Duty from 1st April 2018.

Whilst the reviews signal good news for 90% of buyer in Wales – where average house prices of £150,000 mean that many transactions will now fall below the stamp duty rates - some will find themselves with a hefty bill to shoulder, paying thousands of pounds more than they would do for a pound-for-pound property in England.

The changes are:

Current:

  • Up to £125,000: No tax
  • Between £125,000-£250,000: 2%
  • Between £250,000-£925,000: 5%
  • Between £925,000-£1.5m: 10%
  • Above £1.5m: 12%

New rates:

  • Up to £150,000: No tax
  • Between £150,000-£250,000: 2.5%
  • Between £250,000-£400,000: 5%
  • Between £400,000-£750,000: 7.5%
  • Between £750,000-£1.5m: 10%
  • Above £1.5m: 12%

Of course, the additional 3% stamp duty levied against anyone buying additional properties still applied to the new rates – no changes there!

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