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biged670
Posts: 408 Forumite
Hello,
I was just looking for some information regarding purchasing a property in Wales and stamp duty/Land Transaction Tax.
My understanding is that on the back on the Autumn budget, stamp duty was abolished for first time buyers up to £300k. I have today seen information that the Welsh Gov are introducing their own 'Land Transaction Tax' from April 1st 2018, and the 0% threshold for this is £150k.
Am I right in thinking that to receive the actual benefit from the Chancellor’s budget, if purchasing a property in Wales, you would need to do so by April 1st 2018, otherwise thereafter the Welsh Government LTT applies?
I was just looking for some information regarding purchasing a property in Wales and stamp duty/Land Transaction Tax.
My understanding is that on the back on the Autumn budget, stamp duty was abolished for first time buyers up to £300k. I have today seen information that the Welsh Gov are introducing their own 'Land Transaction Tax' from April 1st 2018, and the 0% threshold for this is £150k.
Am I right in thinking that to receive the actual benefit from the Chancellor’s budget, if purchasing a property in Wales, you would need to do so by April 1st 2018, otherwise thereafter the Welsh Government LTT applies?
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Am I right in thinking that to receive the actual benefit from the Chancellor’s budget, if purchasing a property in Wales, you would need to do so by April 1st 2018, otherwise thereafter the Welsh Government LTT applies?0
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Hi all, has anybody found any further information regarding the 'grace period' for ongoing transactions that will go past 1st April?0
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Bear in mind that 01/04/18 is Easter Sunday0
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Ours is a strange one, we're due to exchange contracts before 01/04 but completion will definitely be after. Just wondering if anything has been annouced regarding situations like this.0
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Land Transaction Tax is now to start at £180,000. It is not to have a first time buyers' relief.
We await more transitional provisions, but generally speaking we know that for a transaction completing on or after 1 April 2018, for SDLT to apply rather than LTT, contracts need to have been exchanged before 17 December 2014. See Wales Act 2014 s16(4).0 -
Land Transaction Tax is now to start at £180,000. It is not to have a first time buyers' relief.
We await more transitional provisions, but generally speaking we know that for a transaction completing on or after 1 April 2018, for SDLT to apply rather than LTT, contracts need to have been exchanged before 17 December 2014. See Wales Act 2014 s16(4).
Please keep me posted with any information you may find out.0 -
Also keeping an eye on this as hoping to exchange before April but complete after!0
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