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.
There is no specific relief for first time buyers in Wales which means first time buyers will pay the same LTT as home movers.
With the initial threshold of £225k the Welsh Government predict that many first time buyers will not pay any tax when buying their first home.
The LTT rates for the purchase of a single property are shown in the table below. The LTT rates take into account the LTT rate changes which came into effect on 10th October 2022.
|Tax Band||LTT Rate|
|less than £225k||0%|
|£225k to £400k||6%|
|£400k to £750k||7.5%|
|£750k to £1.5m||10%|
|rest over £1.5m||12%|
Stamp duty calculations with new stamp duty thresholds. One click SDLT Calculations!
Following Changes in 2018, Land Transaction Tax (LTT) has replaced Stamp Duty in Wales.