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.

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

BREAKING PROPERTY NEWS – 04/07/2022

Daily bite-sized proptech and property news in partnership with Proptech-X.   PRESS RELEASE: Backing by real estate market leaders ING Ventures, JLL Spark, Blackstone and Concrete VC will help accelerate PRODA’s efforts to scale its transformative rent roll data platform PRODA, the London-based data processing and analysis platform, has announced the completion of its Series A…
Read More
does a garage add value to your property
Home and Living

Does a Garage add Value to your Property?

The most important part of this subject, well leastways for me, is if you have the space / land available so to have the choice of either a garage or not. Surely this plot of land holds the value and it is over to the home owner if they would like a garage or not?…
Read More
Letting Agent Talk

How to Be an Awesome Landlord in 2022

Some people may view being a landlord as an easy way to make money, but there’s much more to it if you want to truly excel in this role. The best landlords always go above and beyond to provide comfortable homes for their tenants and make them feel as welcomed as possible. Indeed, to be…
Read More
Property for sale
Estate Agent Talk

Selling Your House? Here’s What You Need To Do

Selling your house is a big decision. It’s not something you do every day or even every year. So, when the time comes to sell, you want to make sure you’re doing it right. That means getting the best possible price for your home and making the process as smooth and stress-free as possible. So,…
Read More
Estate Agent Talk

What Are The Factors To Appreciates The Real Estate Property Prices

Are you planning to sell your home? Are you buying a home? Whatever the scenario is, there are some things that you need to look after. In case you are selling your house, you have to set the price on the basis of those factors, or you need to ensure that all these things are…
Read More
Breaking News

WEEKLY NEWS ROUNDUP – 01/07/2022

A roundup of the week’s top property and proptech news stories in partnership with Proptech-X   Table of ContentsHide On The Market: Housing market starts to rebalance as remarkable buyer and seller confidence prevails Renting to Students: TDS Poll Confirms Common Issues and Reasons for Disputes in Student Lets LexisNexis and Coadjute partner speeding property market…
Read More