We highlighted the main aspects of last weeks mini budget.
If you missed it, click
here to find out what the mini budget means for your finance. The
Chancellor spoke of Stamp duty and how he intends to support 200,000 home
buyers from paying any tax on when they buy a house. In England, no stamp duty
is paid currently on first £250,000 and for first time buyers, this is
increased to £425,000.
The Welsh government have also followed and raised the
threshold on Stamp duty here in Wales. Officially known as Land Transaction Tax,
this is paid if you buy a property or land over certain price threshold in
Wales.
If you already own one or more residential properties, then
there are different rules, and you may need to pay the higher residential
rates. However, if you’re replacing your main residence, the higher rates may
not apply.
The new Land Transaction Tax thresholds are to come in on 10th
October 2022.
|
Purchase Price Bands (£)
|
Percentage
Rate (%)
|
|
Up to 225,000
|
0
|
|
Above 225,000 and up to 400,000
|
6
|
|
Above 400,000 and up to 750,000
|
7.5
|
|
Above 750,000 and up to
1,500,000
|
10
|
|
Above 1,500,000
|
12
|
