The Welsh Revenue Authority (WRA) has published new guidance on land transaction tax (LTT) rates for non-residential or mixed-use property or land in Wales. As with the equivalent land transaction taxes in the other regions of the UK, the rates of LTT depend on the type of property – residential, non-residential or mixed-use.
The guidance confirms that transactions involving non-residential or mixed-use property or land are subject to the non-residential rates of LTT.
A transaction is likely to be residential if, at the effective date, the land or property:forms part of the garden or grounds of a dwelling; and is for the benefit of a dwelling.
Paras LTTA/1050 and LTTA/1060 of the WRA LTT technical guidance provide detailed notes for determining whether property is residential or non-residential.
The WRA’s LTT tax calculator can be used to work out the tax liability, depending on what type of property is involved.
The Welsh Revenue Authority (WRA) has published new guidance on land transaction tax (LTT) rates for non-residential or mixed-use property or land in Wales. As with the equivalent land transaction taxes in the other regions of the UK, the rates of LTT depend on the type of property – residential, non-residential or mixed-use.
The guidance confirms that transactions involving non-residential or mixed-use property or land are subject to the non-residential rates of LTT.
A transaction is likely to be residential if, at the effective date, the land or property:forms part of the garden or grounds of a dwelling; and is for the benefit of a dwelling.
Paras LTTA/1050 and LTTA/1060 of the WRA LTT technical guidance provide detailed notes for determining whether property is residential or non-residential.
The WRA’s LTT tax calculator can be used to work out the tax liability, depending on what type of property is involved.
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