Land Transaction Tax (LTT), Wales
LTT is the Welsh equivalent of Stamp Duty, and is the tax charged by the Government in Wales when you buy a home.
What is LTT?
Land Transaction Tax (LTT) is the tax charged by the Government in Wales when you buy a home of more than £180,000.
Why do we have to pay it?
When you buy a property the change in land ownership has to be legally registered at the Land Registry. The Welsh Revenue Authority (WRA) are responsible for collecting Land Transaction Tax and will issue a certificate on receipt of the LTT payment due on the purchase of the property.
The transfer of funds to pay the LTT will be managed for you by your solicitor.
How much is LTT?
For homes over £180,000 there is no LTT to pay on the first £180,000, then the following rates apply:
|
Purchase price |
LTT rate |
|
£0 to £180,000 |
0% |
|
£180,001 to £250,000 |
3.5% |
|
£250,001 to £400,000 |
5% |
|
£400,001 to £750,000 |
7.5% |
|
£750,001 to £1,500,000 |
10% |
|
Over £1,500,000 |
12% |
LTT FAQs
-
Yes, first-time buyers in Wales are required to pay Land Transaction Tax (LTT) if the property they are buying costs more than £225,000.
-
SDLT is the stamp duty tax in England and Northern Ireland, while LTT is the land transaction tax in Wales. The rates differ between Stamp Duty and LTT, find out more about Stamp Duty here.
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LTT in Wales is calculated based on a tiered system, where different rates apply to different portions of the property purchase price. The rates range from 0% to 12%.
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