With a week to go until the consultation on replacing Stamp Duty Land Tax in Wales closes, Finance and Government Business Minister Jane Hutt is encouraging the public, businesses and stakeholders across Wales to get involved and have their say.
From April 2018, Stamp Duty Land Tax will be devolved to Wales and replaced with the Land Transaction Tax (LTT). The current wide ranging consultation is seeking views on a variety of issues, including tax rates, reliefs and exemptions and closes on 6 May.
The Finance Minister said:
“This is a tax that affects so many of us – including home buyers and sellers, builders, property developers and investors, businesses renting premises and those who play important roles in the transaction processes. From April 2018, Wales will have its own version of this tax and that is why it is so important that we engage widely and hear a range of views.
A short survey has also been developed which focuses on the questions most relevant to those buying and selling homes.
The Finance Minister added:
“The money raised from this tax will remain in Wales, and be used to support Welsh public services. I urge everyone to contribute their views – either through the consultation or by completing the short survey – to help shape the first Welsh tax in almost 800 years.”
Recent HMRC estimates for 2013-14 show Welsh revenues of £145 million for Stamp Duty Land Tax, with 51,600 transactions taking place. The Office for Budgetary Responsibility forecasts that, in 2018-19 when the tax is devolved, the SDLT revenues could be £259m in Wales.
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