The Residential Landlords Association says new tax powers devolving to the Welsh Assembly should involve exemptions when it comes to the three per cent stamp duty surcharge.
The Wales Bill - the legislation that grants new powers to the Welsh Assembly - allows the Assembly to rename stamp duty in Wales as Land Transaction Tax.
For the moment at least, it appears that LTT - which will come in to effect in 2018 at the earliest - will operate the same way as stamp duty in much of the rest of the UK including the additional three per cent levy on second homes and buy to let purchases.
The Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Bill is the Welsh legislation that contains the new Land Transaction Tax, and is currently working its way through the Welsh Assembly.
The RLA says that under the new LTT legislation there should be exemptions for those landlords buying buy to let properties.
“Although some complexities exist around funding formulas and the deemed amount that the additional levy would bring to the Welsh Treasury, creating exemptions could be a way to stimulate growth and increase housing supply in key areas, at a relatively low and controlled cost” says a statement from the RLA.
Rents in Scotland are at a record high, after the fastest...
A leading property law expert says there is now pressure on...
The private rental sector in Wales is at risk of contracting...
Letting agents in Scotland are angry at the Scottish Government for...
It’s tempting to think that Michael Gove’s proposed clampdown on Airbnb-style...
Councils across England could make an additional £540m a year in...
The vast majority of negligence claims against conveyancers are for relatively...
You don’t have to simply accept things as they are when...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
Let's be honest – landlords are the lifeblood of any letting...
Attention estate agents: if you're looking for a bumper Christmas bonus,...
Houses in Multiple Occupation are making up an increasing percentage of...
A lettings agency has been expelled from The Property Ombudsman scheme...
The government has written to Conservative MPs promising changes to the...
There’s been at most a one per cent reduction in landlords...
Tenant groups and charities reacted angrily over the Easter weekend to...
The government has written to Conservative MPs promising changes to the...
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Be the first to comment (please use the comment box below)
Please login to comment