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If you purchase a residential property in Wales that costs more than £225,000, you may have to pay land transaction tax (LTT). The LTT is a tax that is paid by the buyer of a freehold or leasehold building or piece of land in Wales to the Welsh Revenue Authority. For any purchase or lease of a property, this tax must be paid on the property within 30 days of completion of the sale. In Wales, stamp duty land tax (SDLT) was replaced by land transaction tax (LTT) in April 2018, whereas SDLT remains in place in England and Northern Ireland.

It is important to note that there are some differences between LTT and SDLT, such as the threshold for LTT being higher than the threshold for SDLT as well as the fact that in Wales, relief for first-time buyers is not available. It is also important to keep in mind that the SDLT and LTT have different filing and payment deadlines, which are 14 days for SDLT and 30 days for LTT.

To determine how much LTT you should expect to pay, please use the calculator provided below to calculate the amount based on the purchase price of the property you wish to purchase.

Please be reminded that the following calculator and commentary are for general information purposes only and should not be relied upon as advice. While we try to ensure that this information is accurate, it may not be up-to-date or complete, or it may only apply to certain types of residential properties in Wales.

Please contact us if you have any further questions regarding your landlord accountancy queries, by getting in touch at 0800 907 8633, by sending an email to enquiries@uklandlordtax.co.uk or via online contact form to speak to one of our specialist tax advisers.

If you found this calculator helpful then why not try our interest-only mortgage calculator or our stamp duty calculator next?

Thandi Nicholls Ltd
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Wolverhampton
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