Huge Changes to Stamp Duty in Wales Announced
Nov 16, 2017
The Government has announced changes to the Stamp Duty payable by homebuyers in Wales. The changes break down as follows:
In Wales, Land Transaction Tax will replace Stamp Duty Land Tax in what is the first Welsh-only tax in almost 800 years.
The changes also mean that some homebuyers in Wales – those paying more than £400,000 – will pay more than their counterparts in England.
For example, someone buying a £500,000 home in Wales will pay £17,500 in Stamp Duty, compared with £15,000 in England.
It is homes worth over £750,000 that the Stamp Duty is really set to climb in Wales, to 10%. Properties above £1.5m will attract a new rate of 12%.
However, buyers of homes worth under £250,000 will pay up to £500 less in Stamp Duty, and those buying at up to £150,000 will escape the tax altogether.
The changes are due to come into effect from April 2018.