A consultation has been launched on a “Land Transaction Tax” which will replace Stamp Duty Land Tax in Wales from April 2018. The Welsh Government wants to look at improvements that will make the tax better suited to the needs of Wales.
It is a similar exercise to that carried out in Scotland, where the Land and Buildings Tax replaces SDLT from 1 April 2015. Whilst we may not encounter the Scottish system a great deal, we are likely to come across the Welsh equivalent in due course.
We will keep an eye on developments and keep you updated.