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Land Transaction Tax (LTT) (Welsh: Treth Trafodiadau Tir (TTT)) is a property tax in Wales. It replaced the Stamp Duty Land Tax from 1 April 2018. [1] It became the first Welsh tax in almost 800 years. [2] An explanation of the tax system in Wales, including the Land Transaction Tax.
Under the measure, 10 pence of every pound in each tax bracket will go to the Welsh Government. [8] For the basic 20% rate of tax, 10% will go to the Welsh Government and 10% will go to the UK Government. [9] For the higher rate (£31,786–150,000) the 40% tax is split at 10% to the Welsh Government and 30% to the UK Government. [9]
The Act allows Welsh ministers to amend the Welsh Tax Acts using regulatory powers for any of the following purposes: [3]: §1 & 4 Making sure that the Landfill Disposals Tax or the Land Transaction Tax (the Welsh equivalents of landfill tax and stamp duty) are not levied in instances which would be incompatible with any of the United Kingdom's international obligations
The Landfill Disposals Tax (Wales) Act 2017, which received Royal Assent on 7 September 2017, [2] is a tax on the disposal of waste to landfill and is charged by weight. The Welsh Revenue Authority has collected and manages both the Land Transaction Tax and Landfill Disposals Tax in Wales since 2018.
The Treasury did not have an estimate of the impact on Welsh farms. Across the UK it said it expected 2,000 estates to be affected from 2026-27, with around 500 of those claiming agricultural ...
Eluned Morgan, the Welsh First Minister, has defended the UK government’s budget during FMQs.
1 January – Social services in Wales have estimated they face a £646m shortfall over the next three years as a result of Welsh Government budget cuts. [7]2 January – Provisional data released by the Met Office indicates 2023 was the second warmest year on record in the UK behind 2022, with Wales and Northern Ireland experiencing their warmest year on record during 2023.
The Welsh Parliament can set Welsh rates anything from zero to any number in the pound. [3] These Welsh rates are then added to each of the UK income tax rates after 10p in the pound has been deducted from each rate. [3] The reduction in the three rates of income tax by the UK government reduced the amount of tax paid to HM Treasury. [3]
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