Changes to Stamp Duty introduction of the Land Transaction Tax
First time buyers in Wales have until 1st April to make the most of the new Stamp Duty rates, as the current scheme is due to be replaced with the Land Transaction Tax (LTT), which was introduced by the Welsh Government in December 2017. Under the new system, the threshold for paying property tax will start at £180,000.
Below you’ll find the current Stamp Duty rates for England, Wales and Northern Ireland, the current rates for first time buyers, and the new LTT rates being introduced to Wales on April 1st:
New Stamp Duty rates for England, Wales (up to 1st April 2018) and Northern Ireland for first time buyers (A/O 22nd November 2017):
Price Threshold: Main Residential Rates:
£0 - £300,000 0%
£300,001 - £500,000 5%
£500,001 - £925,000 5%
£925,001 - £1.5 million 10%
Above £1.5 million 12%
New Stamp Duty rates for England, Wales and Northern Ireland (A/O 22nd November 2017):
Price Threshold: Main Residential Rates:
£0 - £125,000 0%
£125,000 - £250,000 2%
£250,001 - £925,000 5%
£925,001 - £1.5 million 10%
Above £1.5 million 12%
New Land Transaction Tax rates in Wales from April 2018:
Price Threshold: Main Residential Rates:
£0 - £180,000 0%
£180,000 - £250,000 3.5%
£250,000 - £400,000 5%
£400,000 - £750,000 7.5%
£750,000 – £1.5 million 10%
Above £1.5 million 12%
