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Temporary rates in Wales given effect

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The Welsh Government has given effect to the temporarily extended land transaction tax nil-rate band for residential land transactions between 27 July 2020 and 31 March 2021. The Land Transaction Tax (Temporary Variation of Rates and Bands for Residential Property Transactions) (Wales) Regulations, SI 2020/794, disapply the principal bands and rates regulations (SI 2018/128) in relation to residential property transactions with an effective date falling in that period. Instead, a new extended nil-rate band applies where relevant consideration is not more than £250,000. It should be noted that the higher rates for residential property transactions are not affected by the change and continue to apply based on the original band thresholds.

Issue: 1498
Categories: News