Stamp duty rise for second homes in Wales

stamp duty

The Welsh Government has introduced a one per cent increase in stamp duty on second homes, due to come into effect from the 22nd December 2020.

The change comes into place as part of the Welsh Government's 2021 budget and comes just two days after Wales entered it's latest COVID-19 lockdown.

The change has been made to Land Transaction Tax which is the Welsh equivalent of Stamp Duty. Higher residential rates of LTT will increase by 1% across all bands from the 22nd December. If you complete on buying a property before 22nd December, you will pay the previous rates of tax. However, if you complete on or after 22nd December, you pay the new higher tax rates. In most cases where you have already exchanged contracts, but not completed, you will be able to use the previous higher rates.  

For more information about the Welsh Government's announcement, click here.