Update on Welsh Land Transaction Tax (LTT)
From 1st April 2018, Land Transaction Tax (LTT) will replace Stamp Duty Land Tax (SDLT) in Wales.
Like SDLT, LTT will be payable when you buy or lease a building or land over a certain price. It may affect house buyers and sellers and businesses including builders, property developers and agents involved in the transaction process (such as solicitors and conveyancers).
The legislation is broadly consistent with SDLT, preserving the underlying structure and mirroring key elements such as partnerships, trusts and reliefs, to provide stability and reassurance to businesses and the property market.
For more information please click here.
GOOD NEWS
The good news is the Pali Smart Quote will calculate the correct Land Tax whether that be Stamp Duty Land Tax (SDLT) used in England or the new Land Transaction Tax (LTT) which is exclusive to Wales.
Whenever regulatory changes occur you can rest assure the Pali Smart Quote will have the adjustments ready to go live on the launch date. We are always one step ahead of the game so it’s one less thing for you to worry about. The Smart Quote software is complimentary to clients of Pali.
To learn more about the Pali Smart Quote please click here.
If you would like to be set up with the Pali Smart Quote please contact a friendly member of the team on 0800 023 5030 / search@paliltd.com.
