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Land transaction tax: temporary extension

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The Land Transaction Tax (Temporary Variation of Rates and Bands for Residential Property Transactions) (Wales) (Amendment) Regulations, SI 2021/238, extend the period during which the increased nil-rate band will apply for residential property transactions in Wales from 31 March to 30 June 2021.

The nil-rate band for transactions before 1 July 2021 will apply to consideration up to and including £250,000, and on and after 1 July 2021 up to and including £180,000. No transitional rules have been introduced. A transaction will need to complete before 1 July 2021 to benefit from the temporary increase to the nil-rate band.

Issue: 1523
Categories: News