Wales draft budget includes proposals for average first-time buyer to pay no stamp duty
This week Finance Secretary Mark Drakeford unveiled a new budget for Wales, reflecting the Welsh Government’s new tax and borrowing powers.
In the draft budget the Finance Secretary announces new progressive rates and bands for land transaction tax (LTT) and landfill disposals tax (LDT), which will replace stamp duty land tax and landfill tax, respectively in Wales from April 2018
The new residential rates for LTT will see the average first-time buyer (those paying less than £150,000) no longer have to pay stamp duty and all buyers of residential properties costing up to £400,000 paying the same or less tax than they currently do.
The standard and lower rate of LDT will remain consistent with the tax rates for landfill tax for the first 2 years but a new unauthorised disposals rate will be introduced, set at 150% of the standard rate.
Read ‘A new budget for Wales’ news report dated 3rd October 2017 in full click here.