SDLT to be replaced by land transaction tax from April 2018
On 24 May the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act received Royal Assent.
The main effect of this act is that stamp duty land tax (SDLT) will cease to apply in Wales from April 2018. Instead, a land transaction tax (LTT) will apply.
The Welsh Government’s proposed rates and bands will be announced by October 2017.
The higher rates of SDLT on purchases of additional residential properties (including second homes), which came into effect on 1 April 2016, will continue.
The legislation can be found here.
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