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Stamp duty rise in Wales: What are the new Land Transaction Tax rates for 2022? | Personal Finance | Finance [Video]

What are the new LTT rates in Wales?

Under the new rates, buyers will pay six percent tax on a property between £225,000 and £400,000.

This has been raised from a 3.5 percent tax on properties between £180,000 and £250,000, and five percent between £250,000 and £400,000.

Although the tax is increasing on properties priced between £225,000 and £400,000, the Welsh Government has said those purchasing a home that costs less than £345,000 will see a reduction of up to £1,575 in LTT.

Homes costing more than £345,000 will see an increase of up to £550 in LTT. However, ministers have said this represents around 15 percent of property purchases in Wales.

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