People buying their main homes in Wales costing less than £250,000 will not pay any tax under temporary measures announced by the Finance Minister today.
The starting threshold for land transaction tax will increase from £180,000 to £250,000 for the residential main rates when this new measure is introduced on Monday 27 July. This is a tax reduction that will last until 31st March 2021.
That means around 80% of homebuyers liable to the main rates of land transaction tax won't pay any tax - an average tax reduction of £2,450 per sale.
Read more in the Government Announcement.
Posted on: 14 July 2020