Property taxes have changed in Wales, as land transaction tax (LTT) came into effect as of 1 April 2018.
This replaced stamp duty land tax, which applied to properties worth more than £125,000 or £300,000 for first-time buyers in England, Northern Ireland and Wales.
Instead, all homes in Wales worth up to £180,000 are now exempt from tax under the new rates.
Above this threshold, the following rates apply:
|Price threshold||LTT rate|
|£180,001 to £250,000||3.5%|
|£250,001 to £400,000||5%|
|£400,001 to £750,000||7.5%|
|£750,001 to £1.5 million||10%|
|More than £1.5 million||12%|
LTT will be collected by the Welsh Revenue Authority, along with a landfills disposals tax in place of landfill tax.
Further changes are set to follow next year, with the introduction of Welsh rates of income tax from 6 April 2019.
Get in touch for advice on property taxes.