Industry News Victoria Barker 19/04/2024

Land transaction tax reliefs: Landlords in Wales urged to respond to call for evidence

Landlords in Wales are being invited to have their say on proposals to change land transaction tax reliefs.  

Land Transaction Tax (LTT) replaced Stamp Duty Land Tax (SDLT) in Wales from 1 April 2018. 

The new Welsh Government led consultation is proposing to: 

  • abolish LTT multiple-dwellings relief 
  • extend existing LTT relief to Welsh local authorities when buying property for social housing. 

The call for evidence also wants to hear views on the rules relating to the purchase of six or more dwellings in a single transaction, and other LTT reliefs. 

What is the NRLA calling for in relation to Land Transaction Tax? 

When giving evidence to the Senedd’s Local Government and Housing Committee last month, NRLA Wales Operations Manager Steve Bletsoe called for the need for a review of LTT, to ensure a ‘vibrant PRS’ in Wales.  

Steve highlighted how an end to the higher rate of Land Transaction Tax could help to stimulate growth in the sector.

The consultation closes on 19 May, and the NRLA will also be submitting a formal response. 

To respond to the consultation, click here. 

Free workshops for landlords in Wales  

Landlords who want to learn more about written terms and Occupation Contracts are invited to attend free in-person workshops, starting next month. 

The workshops are free for members and cost £10 for guest members to attend. Taking place in Cardiff, Llandudno, Aberystwyth, and Llanelli, secure your place on a workshop by clicking here.