Welsh Conservative Shadow Finance Minister, Nick Ramsay MS, has called on the Labour-led Welsh Government to take action on Land Transaction Tax (LTT) - formerly known as Stamp Duty - in Wales to open up the housing market and help to boost Wales’ economic recovery post Covid-19.
Currently in Wales you pay 0% on the first £180,000 of a property, then 3.5% up to £250,000 and 5% up to £400,000. Last year LTT raised £265 million in revenue for the Welsh Government.
Nick Ramsay MS, commented:
“Land Transaction Tax in Wales is a tax on aspiration with the charge on properties up to £250,000 higher than other parts of the UK such as in Scotland. Someone buying a property in Scotland worth £250,000 would save £350 compared to buying the same property in Wales. A Welsh Conservative Government would scrap this tax for all first-time purchases buying a property up to £250,000 - saving them nearly £2,500.
“The Chancellor’s announcement today on Stamp Duty will see families across England saving thousands of pounds in tax – giving them a much-needed financial boost and to get the economy firing on all cylinders. We need the Welsh Labour-led Government to take action now to give the same boost to families here.”