Nil rate band of Land Transaction Tax raised to £250,000
The Welsh Government has announced a temporary increase to the nil rate band of Land Transaction Tax (LTT) for residential property transactions to £250,000.
The new rates will be effective between 27th July 2020 and 31st March 2021 (inclusive) have been set as:
|Price Threshold||Main Residential Rate|
|The portion up to and including £250,000||0%|
|The portion over £250,000 up to and including £400,000||5%|
|The portion over £400,000 up to and including £750,000||7.5%|
|The portion over £750,000 up to and including £1,500,000||10%|
|The portion over £1,500,000||12%|
The QuoteXpress platform has been updated to account for the new LTT rates - ensuring that our platform continues to support conveyancing firms wishing to provide instant, accurate and transparent conveyancing quotations.
More information on the changes can be found on gov.wales.