The Welsh Land Transaction Tax (LTT) – the equivalent of SDLT in England – has been extended by a further three months, and will end on 30th June 2021.
Finance Minister Rebecca Evans, confirmed the move meaning that until the end of June there will be no LTT payable on property sales below £250,000
Daryl McIntosh, Strategic Development Manager, Propertymark comments on the Welsh Government’s LLT extension:
“By extending the LTT reduction period until 30 June 2021, those purchasing their main residential property will benefit from the savings, which will encourage buyer activity and help keep the residential property market prosperous. The measures also go some way into easing any immediate conveyancing or lenders issues that buyers have been experiencing over the intervening period. The pandemic has shone a light on where and how people want to live and the next government in Wales should look to do an impact assessment on COVID and housing need.”
More information about the changes can be found the Welsh Government’s website.
