Propertymark has worked with one of the UK governments to create an information sheet which, in virtual or hard copy firm, can be given to buyers to tell them of their new tax obligations.
Written by Propertymark and the Welsh Revenue Authority, it’s entitled: ‘If you’re buying a property in Wales, check if you need to pay Land Transaction Tax.’
The handout details website addresses and telephone numbers which buyers can use.
The wording suggests its chief use will be for buyers from elsewhere in the UK who may be unfamiliar with the devolved property taxation system, and may believe - wrongly - that the Stamp Duty Land Tax currently in England and Northern Ireland is also operational in Wales.
Part of the handout says: “Land Transaction Tax replaced Stamp Duty Land Tax in Wales from April 2018. You pay Land Transaction Tax when you buy a property or land over a certain price in Wales. The Welsh Revenue Authority collects and manages Land Transaction Tax on behalf of the Welsh Government.”
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