Higher rate stamp duty land tax to remain in Wales.
Following the technical consultation the Cabinet Secretary for Finance and Local Government has confirmed the higher rate stamp duty land tax for additional residential properties will continue to be levied in Wales when land transaction tax replaces stamp duty land tax in April 2018
The higher rate for additional residential properties – currently 3% over the standard stamp duty land tax rates – is a new aspect of stamp duty land tax and came into force on 1 April this year. A similar rate also applies in Scotland.
Welsh Finance Secretary Mark Drakeford said: “We have had an excellent response to the technical consultation about the higher rate of tax on purchases of additional residential properties and whether this should continue to apply in Wales when stamp duty is devolved in April 2018.
“There was a clear view from respondents about the importance of maintaining a single, consistent rate across the UK. I am today announcing that this levy will exist in Wales when land transaction tax – the successor to stamp duty in Wales – comes into force. The vital revenue generated will continue to help fund our valued public services.
“It is important we use the opportunity of tax devolution to consider whether changes can be made to improve efficiency, effectiveness and create a focus on Welsh needs and priorities.”
“We will continue to explore the suggestions put forward by stakeholders about how this higher rate can be adapted through secondary legislation to meet Wales’ circumstances.”
Read the news report on the Welsh Government website in full click here.
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