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Land Transaction Tax (LTT) holiday has been extended

LTT savings have been extended by the Government for home buyers in Wales.

This means, if you buy a home up to the value of £250,000, you won’t need to pay any LTT, and even if you are buying a home over £250,000, you will make a saving. So now could be a great time to buy your new home.

What do the changes mean for you?

Land Transaction Tax (LTT) is the tax charged by the Government in Wales when you buy a home.

Following the Government announcement in Wales:


  • No LTT is payable on homes up to £250,000 until 30th June 2021.

  • It will then be returning to normal from July, so act now to benefit from these savings.

Why do we have to pay it?

When you buy a property the change in land ownership has to be legally registered at the Land Registry. The Welsh Revenue Authority (WRA) are responsible for collecting Land Transaction Tax and will issue a certificate on receipt of the LTT payment due on the purchase of the property.

The transfer of funds to pay the LTT will be managed for you by your solicitor.

How much is LTT? - Rates until 30th June 2021

For homes over £250,000 there is still no LTT to pay on the first £250,000, then the following rates apply:

Purchase price

LTT rate

£0 to £250,000

0%

£250,001 to £400,000

5%

£400,001 to £750,000

7.5%

£750,001 to £1,500,000

10%

Over £1,500,000

12%


Discover Your LTT Savings

Enter your details into our updated LTT Calculator to discover how much LTT you’ll have to pay when you buy a home between now and 30th June 2021.

As well as this, you’ll also discover how much you will save based upon the previous LTT taxes if you were to purchase before the tax break ends.