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Streatham Hill Office: 020 3196 4789
Tooting Office: 020 3196 4790
Mayfair Office: 020 7079 1462
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.
Visit gov.wales for more information
Are you looking to move home in the near future? Contact your local Guild Member to begin your journey with a trusted local agent.
Contact us
Streatham Hill Office: 020 3196 4789
Tooting Office: 020 3196 4790
Mayfair Office: 020 7079 1462
Malixons Offices cover:
Balham, Bayswater, Belgravia, Brixton, Chelsea, Clapham, Croydon, Crystal Palace, Dulwich, Earlsfield, Herne Hill, Hyde Park, Kennington, Lewisham, Mayfair, Mitcham, Norbury, Oval, Parsons Green, Peckham, South Norwood, Stockwell, Streatham Common, Streatham Hill, Thornton Heath, Tooting, Tulse Hill and more.