The Welsh Government has revealed the bands and rates for its new Land Transaction Tax, which replaces stamp duty in the principality from next April.
Home up to £180,000 will have no LTT liability; those priced from £180,001 to £250,000 will have 3.5 per cent LTT; and homes selling for £250,001 to £400,000 will have five per cent.
Higher priced homes from £400,001 to £750,000 will have 7.5 per cent LTT; those priced £750,001 to £1.5m will have 10 per cent, and those above £1.5m will require a buyer to pay 12 per cent.
No announcement has as yet been made about the additional homes stamp duty surcharge equivalent under the new LTT regime, but a three per cent levy is expected.
Mark Drakeford, Welsh Government finance secretary, says the average homebuyer in Wales will pay more than £500 less tax than under stamp duty land tax; he also claims some 80 per cent of first-time buyers in Wales will pay no tax.
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