Property taxes have changed in Wales, as land transaction tax (LTT) came into effect as of 1 April 2018.
This replaced stamp duty land tax, which applied to properties worth more than £125,000 or £300,000 for first-time buyers in England, Northern Ireland and Wales.
Instead, all homes in Wales worth up to £180,000 are now exempt from tax under the new rates.
Above this threshold, the following rates apply:
| Price threshold | LTT rate |
| £180,001 to £250,000 | 3.5% |
| £250,001 to £400,000 | 5% |
| £400,001 to £750,000 | 7.5% |
| £750,001 to £1.5 million | 10% |
| More than £1.5 million | 12% |
LTT will be collected by the Welsh Revenue Authority, along with a landfills disposals tax in place of landfill tax.
Further changes are set to follow next year, with the introduction of Welsh rates of income tax from 6 April 2019.
Get in touch for advice on property taxes.