Following significant changes to the property tax regime, there are new rules which affect the cross-border purchase of property. In Scotland, Stamp Duty Land Tax (SDLT) was replaced by the Land and Buildings Transaction Tax (LBTT) for purchases made on or after 1 April 2015. In Wales, SDLT was replaced by the Land Transaction Tax … Continue reading Crossing Borders: New Rules for UK Property Transactions
For the first time in around 800 years, Wales will shortly be implementing the devolution of taxation to the Principality. From 1 April 2018, Land Transaction Tax (LTT) will replace Stamp Duty Land Tax (SDLT) in Wales. Although the new LTT operates on a similar basis to SDLT, some of the rates and bands will … Continue reading A New Era in Taxation for Wales
The Welsh Assembly is to debate proposals later this month to abandon a part of the new Land Transaction Tax, which could have meant some landowners paying more tax in Wales than their English counterparts. Originally the Welsh Government had stated that when Land Transaction Tax is introduced in April 2018 (replacing Stamp Duty in … Continue reading Possible U-turn on Land Transaction Tax?
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A new Land Transaction Tax (LTT) is set to replace Stamp Duty Land Tax (SDLT) in Wales, with effect from April 2018. The legislation is similar to the existing UK SDLT legislation, and the new LTT will be payable by the purchaser when buying or leasing a building or land, in line with a series … Continue reading New Welsh Land Transaction Tax Receives Royal Assent
The Welsh Assembly has now approved Stage One of the legislative process for the proposed new Land Transaction Tax (LTT), due to take effect from 6th April 2018. The tax will replace the Stamp Duty Land Tax (SDLT) in Wales, and is expected to receive Royal Assent in Spring of this year. LTT will operate … Continue reading New Land Transaction Tax for Wales