We have warmly welcomed the Welsh Government’s announcement to cut Land Transaction Tax in Wales.
Finance Minister, Rebecca Evans, made the announcement at the Welsh Government daily Coronavirus briefing. The announcement will result in approximately 80% of house sales being exempt from paying tax.
Clare Williams, Associate in Roger Parry & Partners Llanidloes office, said, “We warmly welcome the Finance Minister’s announcement regarding the reduction in Land Transaction Tax. It follows last week’s decision by the Westminster Government to reduce Stamp Duty in England and means our clients in Wales are now on a more level playing field when it comes to buying a property. We hope this injects some confidence back into the property market.”
The announcement will bring the rate payable for properties valued at between £180,000 and £250,000 to zero from 27 July until the end of March 2021. Properties selling for less than £180,000 are already exempt from paying the tax. The change will not apply to second homes or buy-to-let properties, which have to pay an additional 3% in tax on top of the existing rate for their value.
Those looking to buy or sell a property with Roger Parry & Partners can rest assured that strict procedures are in place to keep house hunters and vendors safe. The firm is highly recommending an initial virtual viewing before a second appointment is arranged in person. Viewings will adhere to strict social distancing rules and occupants will be asked to vacate the property during viewings.
All Roger Parry & Partners’ offices are now back open. Please contact your local office, details are below.