Stamp duty for first time buyers has been abolished for most purchasers.
Stamp duty for buy to let property has increased substantially from April 2016.
Stamp duty for second homes also attracts a 3 percent surcharge from April. Mobile homes, caravans and houseboats are exempt.
Stamp duty refunds are available for home movers replacing their main residence. The original home must be sold within 3 years.
Specific first time buyer relief is not currently available under the Welsh LTT system.
The new LTT system was announced by the Welsh Government in the October 2017 Budget and came into force in April 2018.
Even without first time buyer relief, by setting a zero tax threshold of £180k the Welsh Government predict that most first time buyers should not pay any tax when buying their first home.
The current LTT rates in Wales are shown in the table below:
|Tax Band||Normal Rate||Additional Property|
|less than £180k||0%||3%*|
|£180k to £250k||3.5%||6.5%|
|£250k to £400k||5%||8%|
|£400k to £750k||7.5%||10.5%|
|£750k to £1.5m||10%||13%|
|rest over £1.5m||12%||15%|
|* Under the new LTT structure an additional property purchased for less than £40k will attract 0% tax. For purchases from £40k to £180k the LTT rate will be 3% on full purchase price.|
For a normal purchase LTT is exempt on the first £180,000. Between £180,000 and £250,000 buyers will pay 3.5% within this band, 5% on the portion between £250,000 and £400,000, 7.5% on the portion between £400,000 and £750,000, 10% within the next band up to £1.5 million and 12% over that. For additional property, such as buy to let or second homes, there will be a 3% surcharge applied to all bands.
The LTT calculators below indicate how much tax is payable for both single and additional freehold residential property purchases in Wales. The Figures are valid from April 2018.
Stamp duty calculations with new stamp duty thresholds. One ckick SDLT Calculations!
Following Changes in 2018, Land Transaction Tax (LTT) has replaced Stamp Duty in Wales.