Higher rate stamp duty land tax to remain in Wales.

October 18, 2016

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.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

UK House Price Index for February 2026

The latest UK House Price Index for February 2026 shows that:   The average monthly rate of house price growth in February was +0.1%. Average UK house price annual inflation was 1.2% in the 12 months to February 2026. As a result, the average UK house price currently sits at £268,000.   Damien Jefferies, Founder…
Read More →
Breaking News

Ready or Not: How Prepared Are Landlords and Tenants for the Renters’ Rights Act?

44% of landlords and 64% of tenants say they are not confident about what will actually change when the Renters’ Rights Act comes into force. New research from LRG shows that while the Act is widely known about, what it means in practice is still unclear for many people on both sides of the tenancy.…
Read More →
Home and Living

Springtime household checks that could save you serious money

With summer just around the corner, eXp UK has curated a homeowner’s guide to springtime maintenance, outlining the most important checks homeowners should carry out to avoid unnecessary repair bills later in the year, and how much they can expect to spend. There is a long-standing rule of thumb that annual home maintenance costs equate…
Read More →
footfall falls
Breaking News

Comment on inflation rising to 3.3%

Industry reaction to inflation rising to 3.3% Daniel Austin, CEO and co-founder at ASK Partners, said: “Today’s uptick in UK inflation will raise fresh concerns across the property market, which is still waiting for the full economic impact of the Iran conflict to feed through. Households, buyers and developers recognise that current data is unlikely…
Read More →
Breaking News

London remains top marathon city for property values

Mayfair tops table for the world’s most expensive marathon neighbourhood as London remains priciest race city The latest analysis from Enness Global has revealed that London is currently the most expensive property market of any city hosting a World Marathon Major, with Mayfair also ranking as the world’s most expensive marathon neighbourhood for those wanting…
Read More →
Breaking News

HMRC ramps up scrutiny of residential property valuations as it cracks down on inheritance tax avoidance

  Taxman’s requests for help from the Valuation Office Agency with property valuations in IHT returns rises nearly 25% Rise reflects HMRC’s increased efforts to recover revenue from underreported and misvalued estates.   HM Revenue & Customs is increasingly challenging residential property valuations in inheritance tax (IHT) returns, with the number of cases referred to…
Read More →