2018 No. 128 (W. 32)
The Land Transaction Tax (Tax Bands and Tax Rates) (Wales) Regulations 2018
Made
Coming into force
The Welsh Ministers make the following Regulations in exercise of the powers conferred on them by section 24(1) of, and paragraph 28(1) of Schedule 6 to, the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 F1.
In accordance with section 25(1) of that Act, a draft of these Regulations was laid before and approved by a resolution of the National Assembly for Wales.
Title and commencement1
1
The title of these Regulations is the Land Transaction Tax (Tax Bands and Tax Rates) (Wales) Regulations 2018.
2
These Regulations come into force on 1 April 2018.
Application2
F31
F52
These Regulations do not have effect in relation to any chargeable transaction that is subject to the Land Transaction Tax (Temporary Variation of Rates and Bands for Residential Property Transactions) (Wales) Regulations 2020.
Tax bands and percentage tax rates3
The Schedule to these Regulations specifies the tax bands and percentage tax rates for the purposes of section 24(1) of, and paragraph 28(1) of Schedule 6 to, the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017—
a
Table 1 specifies the tax bands and percentage tax rates for each band for residential property transactions;
b
Table 2 specifies the tax bands and percentage tax rates for each band for higher rates residential property transactions;
c
Table 3 specifies the tax bands and percentage tax rates for each band for non-residential property transactions; and
d
Table 4 specifies the tax bands and percentage tax rates for each band for transactions where the chargeable consideration consists of rent.
SCHEDULE
Sch. Table 2 substituted (with effect in accordance with regs. 3-5 of the amending S.I.) by The Land Transaction Tax (Tax Bands and Tax Rates) (Wales) (Amendment) Regulations 2020 (S.I. 2020/1618), regs. 1, 6(2)
Sch. Table 3 substituted (with effect in accordance with regs. 3-5 of the amending S.I.) by The Land Transaction Tax (Tax Bands and Tax Rates) (Wales) (Amendment) Regulations 2020 (S.I. 2020/1618), regs. 1, 6(3)
Sch. Table 4 substituted (with effect in accordance with regs. 3-5 of the amending S.I.) by The Land Transaction Tax (Tax Bands and Tax Rates) (Wales) (Amendment) Regulations 2020 (S.I. 2020/1618), regs. 1, 6(4)
Tax band |
Relevant consideration |
Percentage tax rate |
---|---|---|
Zero rate band |
Not more than £180,000 |
0% |
First tax band |
More than £180,000 but not more than £250,000 |
3.5% |
Second tax band |
More than £250,000 but not more than £400,000 |
5% |
Third tax band |
More than £400,000 but not more than £750,000 |
7.5% |
Fourth tax band |
More than £750,000 but not more than £1,500,000 |
10% |
Fifth tax band |
More than £1,500,000 |
12% |
Tax band |
Relevant consideration |
Percentage tax rate |
---|---|---|
First tax band |
Not more than £180,000 |
4% |
Second tax band |
More than £180,000 but not more than £250,000 |
7.5% |
Third tax band |
More than £250,000 but not more than £400,000 |
9% |
Fourth tax band |
More than £400,000 but not more than £750,000 |
11.5% |
Fifth tax band |
More than £750,000 but not more than £1,500,000 |
14% |
Sixth tax band |
More than £1,500,000 |
16% |
Tax band |
Relevant consideration |
Percentage tax rate |
---|---|---|
Zero rate band |
Not more than £225,000 |
0% |
First tax band |
More than £225,000 but not more than £250,000 |
1% |
Second tax band |
More than £250,000 but not more than £1,000,000 |
5% |
Third tax band |
More than £1,000,000 |
6% |
Tax band |
Relevant consideration |
Percentage tax rate |
---|---|---|
NRL zero rate band |
Not more than £225,000 |
0% |
First tax band |
More than £225,000 but not more than £2,000,000 |
1% |
Second tax band |
More than £2,000,000 |
2% |
2017 anaw 1.