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Tax bombshell: Wales confirms ‘no stamp duty’ extension and hits landlords hard

first_imgThe Welsh government has confirmed that its residential sales stamp duty holiday is to end on March 31st and also revealed a tax raid on landlords effective tomorrow.Its announcement is likely to weaken the argument for Rishi Sunak to extend England’s stamp duty holiday, but the Welsh government’s raid on landlords has proved more controversial.In Wales LTT is charged at a higher rate for properties that are not purchased as a main home – e.g. second homes and buy-to-let properties.This is different to England where second homes stamp duty is bolted on at a uniform 3%.In Wales it’s 3% up to £180,000, 6.5% on the portion up to £250,000, 8% on the slab up to £400,000, 10.5% up to £750,000, 13% up to £1.5 million and 15% on anything over that.But after tomorrow all these rates are to each rise by 1%. This means a landlord buying a £300,000 property in Wales will pay an extra £3,500 in LTT or £16,900.“This is simply unacceptable to increase the rate of additional property LTT in this fashion,” says John Stewart (pictured), Deputy Policy Director for the National Residential Landlords Association said.“This will destabilise the private rental market in Wales, increasing costs on buying homes with immediate effect.“The start of a national lockdown is not the time to put additional burdens on a sector already facing some of the longest and most severe Coronavirus restrictions and will deter investment in rental properties that we so badly need.”Read the full text of the Welsh LTT announcement.NRLA John Stewart Land Transaction Tax LTT stamp duty December 22, 2020Nigel LewisOne commentKelvin Francis, Kelvin Francis Ltd. Kelvin Francis Ltd. 22nd December 2020 at 10:29 amWhat the Wales Parliament seem to think, is that second homes are holiday homes for wealthy people. They appear to have overlooked the reality that the vast majority are bought by ‘Buy to Let’ Landlords and this is a definite discouragement to them. A future shortage of properties to rent will affect tenants, making the supply short and the rents of those available, higher. They should have discussed this with representative professional bodies before taking such a draconian action.Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Housing Market » Tax bombshell: Wales confirms ‘no stamp duty’ extension and hits landlords hard previous nextHousing MarketTax bombshell: Wales confirms ‘no stamp duty’ extension and hits landlords hardDouble blow for sales market in Wales announced yesterday prompts furious response from NRLA.Nigel Lewis22nd December 20201 Comment3,277 Viewslast_img read more