LTT Calculator Wales
If you’re buying a home in Wales, and it’s over a certain price bracket, you’ll need to pay LTT (Land Transaction Tax). This replaced Stamp Duty Land Tax in 2018, and is the Welsh equivalent. This is a tax paid when purchasing a home that is paid to the government.
You can work out the amount of LTT you need to pay using our land transaction tax calculator.
What is Land Transaction Tax in Wales?
Land Transaction Tax is a tax paid by the buyer when purchasing a property in Wales and will be paid to the Welsh government. It is dependent on different tax bands, and the more expensive the property is, the more you will pay in tax.
What are LTT rates?
LTT rates are based on a band system. You will not pay anything on properties up to the value of £180,000. According to the UK House Price Index for Wales, in April 2018 the average price for a property was £156,495. This suggests that the majority of people in Wales will not have to worry about a large LTT bill.
However, if your property costs most than £180,000 you can check the bands below. You will only pay the tax percentage on the portion of the property within that band.
| Purchase price bands (£) | Percentage rate (%) |
|---|---|
| Up to £180,000 | 0% |
| £180,001 to £250,000 | 3.5% |
| £250,001 to £400,000 | 5% |
| £400,001 to £750,000 | 7.5% |
| £750,001 to £1,500,000 | 10% |
| Above £1,500,000 | 12% |
How do I calculate Land Transaction Tax?
The easiest way to calculate LTT on your property in Wales is to use our quick Land Transaction Tax Calculator. It will work out how much tax you’ll have to pay based on the price of your property, whether it’s a second property or your sole residence. There is no first time buyer exemption in Wales, because the 0% threshold is higher.
LTT compared with LBTT in Scotland
Both Scotland and Wales elected to move away from Stamp Duty to their own form of land tax. In Scotland, Land and Buildings Transaction Tax is slightly different as it has a lower starting threshold – you will have to pay on properties that are over £145,000. The bands are then slightly different, with the top rate of tax being 12% on properties over £750,000.
Land and Buildings Transaction Tax in Scotland also has a first time buyer exemption, like Stamp Duty in England and Northern Ireland.