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TODAY'S OTHER NEWS

Stamp duty replacement: call for clarity over tax on 'border properties'

Welsh politicians have called for clarity over the new Land Transaction Tax that will replace stamp duty from April next year.

In September the Welsh Government announced that the SDLT replacement would be part of an initiative to establish devolved tax arrangements - Wales' first new tax for almost 800 years. 

The Welsh Government said at the time that the new tax rates would be confirmed closer to the April 2018 introduction of the new system “in order to reflect economic conditions at that time.”

But now the Welsh parliament’s Finance Committee has told the Welsh Revenue Authority - the body that will collect taxes - that it should work in tandem with professional bodies to give clarity to the future tax regime, including what would happen with properties on the border with England.

"We want to see assurances that the Welsh Revenue Authority, which will be responsible for collecting taxes raised, will be ready to collect taxes and offer advice from day one” says Simon Thomas, chair of the Finance Committee.

“We also believe that the issue of cross-border properties should be cleared up as a matter of urgency as we heard a confusing explanation of what property buyers would owe and to whom" he adds.

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