The Welsh Revenue Authority (WRA) has opened its new online system for professional agents to register for land transaction tax (LTT). The WRA has also released further additions to its technical guidance on LTT, including how to apply for a tax opinion.
On 27 February, the Welsh Revenue Authority (WRA) opened its new online land transaction tax (LTT) system for registration by professional agents expecting to carry out residential and non-residential property transactions in Wales from 1 April 2018 (see bit.ly/2oNOZ89).
Agents are advised to register at least 10 days before undertaking their first property or land transaction to make sure the transition to land transaction tax ‘goes as smoothly as possible’.
The WRA has also released further additions to its technical guidance on LTT (see bit.ly/2thtwsQ). These concern:
chargeable transactions and chargeable consideration (added 16 February)
land transactions (added 20 February)
particular transactions (added 1 March)
A checklist is now available to help taxpayers decide what information is relevant to include when they make applications to the WRA for a tax opinion (see bit.ly/2FxfhoK). The WRA will give a written opinion on the application of the devolved taxes to a particular transaction in circumstances where there is genuine uncertainty and the published guidance does not resolve the uncertainty.
The Welsh Revenue Authority (WRA) has opened its new online system for professional agents to register for land transaction tax (LTT). The WRA has also released further additions to its technical guidance on LTT, including how to apply for a tax opinion.
On 27 February, the Welsh Revenue Authority (WRA) opened its new online land transaction tax (LTT) system for registration by professional agents expecting to carry out residential and non-residential property transactions in Wales from 1 April 2018 (see bit.ly/2oNOZ89).
Agents are advised to register at least 10 days before undertaking their first property or land transaction to make sure the transition to land transaction tax ‘goes as smoothly as possible’.
The WRA has also released further additions to its technical guidance on LTT (see bit.ly/2thtwsQ). These concern:
chargeable transactions and chargeable consideration (added 16 February)
land transactions (added 20 February)
particular transactions (added 1 March)
A checklist is now available to help taxpayers decide what information is relevant to include when they make applications to the WRA for a tax opinion (see bit.ly/2FxfhoK). The WRA will give a written opinion on the application of the devolved taxes to a particular transaction in circumstances where there is genuine uncertainty and the published guidance does not resolve the uncertainty.
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