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Buying house from Father (inherited from grandparents)

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Comments

  • Tom99
    Tom99 Posts: 5,371 Forumite
    1,000 Posts Second Anniversary
    Not sure but I think Land Transaction Tax is 3.5% but only on the amount over £180,000 so £525 on £195,000

    https://stamp-duty-calculator.co.uk/land-transaction-tax-calculator
  • evsieplum
    evsieplum Posts: 13 Forumite
    Cheeky_Monkey wrote: »
    Can I just ask where you got the figure of £180k from? Everything I've read about the new LTT in Wales from April this year says that the threshold for not paying it will be £150k.

    It was, but they have sneaked in another change a few weeks ago that seems to have gone a little under the radar. Not totally unexpected due to the Autumn statement in October, but not many people know about it. I work in the property industry and only found out about it today! As I am a new user I cannot post the link, but if you type wales cabinet statement ltt rates and bands into google, you will find the official gov statement

    Annex 1: Land transaction tax (LTT) main residential rates

    Price threshold

    LTT rate

    £0-£180k 0%
    £180k-£250k 3.5%
    £250k-£400k 5%
    £400k-£750k 7.5%
    £750k-£1.5m 10%
    £1.5m-plus 12%
  • evsieplum
    evsieplum Posts: 13 Forumite
    Tom99 wrote: »
    Not sure but I think Land Transaction Tax is 3.5% but only on the amount over £180,000 so £525 on £195,000

    I think you are right! What are we worrying about in that case! Thanks, you've made my Friday :j
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