As of 1 July 2021, there will be changes to Land Transaction Tax (LTT) in Wales. Up until 30 June 2021, LTT is payable when you purchase or lease a property above the threshold of £250,000. Therefore, currently, no tax is payable on the first £250,000 of a property. LTT is 5% on properties up to £400,000, 7.5% up to £750,000, 10% up to £1,500,000 with any amount thereafter taxed at 12%. However, this is due to change in a few months’ time.
As of 1 July 2021, the LTT paid on a property will revert back to the residential tax rates prior to the temporary changes implemented in July 2020.
When you buy a residential property (freehold or leasehold) you will be required to pay 3.5% LTT on properties between the value of £180,001 and £250,000, 5% on properties between £250,001 and £400,000, 7.5% on properties between £400,001 and £750,000, 10% on those between £750,001 and £1,500,000, with any amount thereafter taxed at 12%. However, if you purchase a property for up to and including £180,000, no LTT is to be paid.
Are you looking to move home in the near future? Contact your local Guild Member to begin your journey with a trusted local agent.
72 High Street
01424 421 544
John Bray is the oldest estate agent in Hastings, established in 1872. Since then we have seen many changes, but we are still locally owned, family run and independent. This gives us the opportunity to offer a bespoke service, tailored to our customers' needs. We specialise in sales and letting of unusual and distinctive properties. We are extremely proud of our tradition and unrivalled friendly service from our knowledgeable team. That is why our customers come back to us time and time again!