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Stamp Duty replacement - new rates revealed by Welsh Government

The Welsh Government has revealed the bands and rates for its new Land Transaction Tax, which replaces stamp duty in the principality from next April.

Home up to £180,000 will have no LTT liability; those priced from £180,001 to £250,000 will have 3.5 per cent LTT; and homes selling for £250,001 to £400,000 will have five per cent.

Higher priced homes from £400,001 to £750,000 will have 7.5 per cent LTT; those priced £750,001 to £1.5m will have 10 per cent, and those above £1.5m will require a buyer to pay 12 per cent.

No announcement has as yet been made about the additional homes stamp duty surcharge equivalent under the new LTT regime, but a three per cent levy is expected. 

Mark Drakeford, Welsh Government finance secretary, says the average homebuyer in Wales will pay more than £500 less tax than under stamp duty land tax; he also claims some 80 per cent of first-time buyers in Wales will pay no tax.

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