Wales will replace UK stamp duty with a land transaction tax from April 2018, as the Welsh Assembly begins to exercise its new powers to set the country’s taxation.
Like SDLT, the tax will be payable when buying or leasing property or land over a certain price, and the legislation will be broadly consistent with SDLT.
The Welsh government said rates for the new tax will be decided closer to April 2018 to reflect economic conditions at that time.
It also said the higher rates of taxation on additional properties that came into effect on the 1 April this year are under consideration.
Other key elements such as partnerships, trusts and reliefs will mirror UK stamp duty regulations to provide stability and reassurance to businesses and the property market.
The bill is expected to receive royal assent by spring 2017.
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