Huge Changes to Stamp Duty in Wales Announced
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.