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A woman bought a house in Wales for £300,000 five years ago. She has carried out extensive renovation and refurbishment works to it. Contracts for the sale of the house to a buyer have been exchanged. The sale price is £450,000. The buyer’s solicitor is preparing for completion. He is currently drafting a financial statement for his client and needs to include the tax payable upon completion of the purchase.
Which tax will be payable by the buyer upon completion of the purchase?
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For property transactions in Wales, the tax payable by the buyer upon completion of the purchase is Land Transaction Tax (LTT). This tax replaced Stamp Duty Land Tax (SDLT) in Wales as of 1 April 2018. Therefore, the buyer's solicitor must include LTT in the financial statement for the purchase of the house in Wales.
Key Point: Land Transaction Tax (LTT) is the property tax payable on purchases of land or property in Wales, replacing Stamp Duty Land Tax (SDLT) for transactions completed on or after 1 April 2018.
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