Last week, the Chancellor, Rishi Sunak, announced that the stamp duty threshold in England and Northern Ireland was being increased from £125,000 to £500,000.
The tax break didn’t apply in Wales, but additional funding was being provided for the Welsh Government to implement a similar policy.
It has been announced that the change to the Land Transaction Tax won’t be as generous as for our neighbours in England, with the threshold being increased from £180,000 to £250,000.
The change will be implemented on 27 July 2020 and will stay in place until 31 March 2021.
The Welsh Government say that their approach will allow them to invest the additional funds in other areas, such as building more houses.
Green & Co are property tax specialists, if you would like to speak to one of our team, please don’t hesitate to contact us.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.