Mark Whitehead 04 October 2017

Wales to replace stamp duty with ‘progressive’ land tax

Most first-time buyers in Wales will no longer pay tax on their new home under plans announced by the devolved Welsh government.

In the first taxes raised in Wales for 800 years, stamp duty will be replaced by a new land transaction tax which will include a 0% rate for homes worth up to £150,000.

Homes costing more than £400,000 will attract higher rates in what the Cardiff government described as 'progressive' tax plans.

It said the average home buyer will pay nearly £500 less than now.

Office for National Statistics (ONS) figures show the average house price in Wales including all property types was £151,000 in July.

Welsh government finance secretary Mark Drakeford said: 'From April, Wales will introduce the first Welsh taxes in almost 800 years, supporting first-time buyers and boosting business.

'The devolution of tax powers provides us with the opportunity to reshape and make changes to improve existing taxes to better meet Wales’ needs and priorities

'I have always been clear that we will use these powers to help improve fairness and support jobs and economic growth in Wales.'

SIGN UP
For your free daily news bulletin
Highways jobs

Shared Planning Lawyer

Broxbourne Borough Council
Up to £68,506 pa
Are you a focused, enthusiastic team player who enjoys a varied and interesting caseload? Borough Offices, Bishops’ College, Churchgate, Cheshunt
Recuriter: Broxbourne Borough Council

Families First Partnership Manager

Nottingham City Council
£58,602 - £62,109
As Families First Partnership Manager, you will play a pivotal role in leading Nottingham’s Families First approach Nottingham, Nottinghamshire
Recuriter: Nottingham City Council

Experts at Hand Co-ordinator

London Borough of Richmond upon Thames and London Borough of Wandsworth
£42,081 - £50,994 per annum
Experts at Hand Co-ordinator
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Governance Professional

North Yorkshire Council
£14.59 to £15.56 per hour
Typically, you will work with an allocation of schools within an agreed geographical area. Northallerton, North Yorkshire
Recuriter: North Yorkshire Council

Social Worker - Disabled Children's Team

North Yorkshire Council
£39,481 to £44,253 per annum
Our 0–18 Disabled Children’s Service takes a holistic and child-centred approach, working with a diverse range of children Northallerton, North Yorkshire
Recuriter: North Yorkshire Council
Linkedin Banner