Huge Changes to Stamp Duty in Wales Announced


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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.