As from last week the starting threshold for paying of main residential rates of Land Transaction Tax, the Welsh equivalent of stamp duty, has increased from £180,000 to £225,000.
The first tax band will cover transactions from £225,000 to £400,000 which will be taxed at 6 per cent.
Tax rates and bands for higher residential rate and non-residential transactions are unchanged from those effective from 22 December 2020.
Full rates and bands and a Land Transaction Tax calculator are available on the Welsh Government’s website.
Meanwhile, as expected the Scottish Government has had its ‘tenant protection’ bill approved by the Scottish Parliament.
The Cost of Living (Tenant Protection) Act gives ministers temporary power to cap rents for private and social tenants, as well as for student accommodation. It also introduces a moratorium on evictions.
This cap, which applies to in-tenancy rent increases, has initially been set at 0 percent from 6 September 2022 until at least 31 March 2023.
Ministers have the power to vary the rent cap while it is in force. The measures can be extended over two further six-month periods.
