Welsh government announces Land Transaction Tax update
The Welsh government has just announced a three month extension to the Land Transaction Tax (LTT) holiday that was introduced last year and was due to end on 31 March 2021.
It means that no LTT will be payable on properties up to the value of £250,000 until 1 July 2021 and then the nil tax rate will continue to apply to properties under the value of £180,000 only.
The government also confirmed that there will be no transitional rules applied and that a property purchase must complete before 1 July 2021 to qualify for the nil tax rate.
The LTT holiday was introduced as a means to keep the property market moving and encourage greater activity in it following the first national Covid-19 lockdown with this most recent announcement anticipated to continue to support those in the process of buying property at the current time.
The news follows the extension of the stamp duty holiday in England and Norther Ireland as recently announced by the Chancellor, Rishi Sunak.