Full English Accompaniment – Stamp Duty Land Tax and Land Transaction Tax

What’s piqued my interest this week.

With lots of other UK bloggers chatting away about the new tax year, here’s something different.

As I’ve mentioned earlier, myself and soon-to-be MrsFIREShrink are imminently purchasing property. As residents of the principality from the 1st of April this year we get the Land Transaction Tax instead of the SDLT.

It is largely the same as the old SDLT, but with some % and threshold changes. Instead of the SDLT 2.5% base, with LTT it will be 3.5%, but this will only be paid over £180k rather than £150k. Above £250k it will still be 5%, then 7.5% over £400k, 10% over £700k and finally 12% over £1.2 mil. More here:

https://beta.gov.wales/land-transaction-tax-calculator – Welsh Gov calculator

https://stamp-duty-calculator.co.uk/land-transaction-tax-calculator – calculator which includes comparison to SDLT

http://gov.wales/funding/fiscal-reform/welsh-taxes/land-transaction-tax/?lang=en – the legislation

Sadly as homeowners we miss out on the recent first time buyers stamp duty offer and Help-to-buy ISAs. MrsFIREShrink and I will still be a little better off, and Welsh Gov reckon so will most others. The sting for the wealthy aligns with my broadly liberal values, but I’m sure I’ll be whinging in future years and welcome comments below. It comes as part of a general move to devolve tax legislation, so it’ll be interesting to see how it all pans out!

Other side orders:

https://youngfiguy.com/happy-new-tax-year – YoungFIGuy summarises this years tax changes in his latest blog post

UK house prices post biggest monthly increase for six months – https://www.theguardian.com/money/2018/apr/09/uk-march-house-prices-post-biggest-monthly-increase-for-six-months – Halifax show house prices improving

But not in London- London house prices falling at fastest rate in nine years, says Halifax – https://www.theguardian.com/business/2018/apr/12/london-house-prices-falling-fastest-rate-nine-years-halifax

But fall in property available means a rate rise is less likely? -Rate rise doubts as property demand falls, says RICS – http://www.bbc.co.uk/news/business-43724002

Advertisements

One thought on “Full English Accompaniment – Stamp Duty Land Tax and Land Transaction Tax

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s