- The Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Bill, which will replace stamp duty land tax (SDLT) in Wales with a Welsh land transaction tax (LTT), received Royal Assent on 24 May 2017.
- The new legislation will mirror the previous SDLT provisions, with equivalent rules on partnerships, trusts and reliefs.
- The differences are that no LTT is now payable in respect of rent on the grant of residential leases and there is no higher rate applying to acquisitions of higher threshold interests by non-natural persons. The legislation also introduces an LTT surcharge on acquisitions of additional residential property and contains additional provision to address perceived inadequacies of the SDLT legislation.
Alun is a commercial property partner who specialises in development and planning work. He is a forward thinking lawyer with an entrepreneurial skill which he utilises to his clients' advantage.