Land Transaction Tax (LTT) is a tax you might have to pay if you buy a residential property or piece of land in Wales.
If you’re buying your main property up until 30 June 2021, you will pay no LTT on properties costing up to £250,000. This will apply if you’re a first-time buyer and if you’ve owned a property before.
Properties costing more than £250,000 will pay LTT based on the value of the property.
From 1 July 2021, you will not have to pay LTT on properties costing up to £180,000.
If you’re buying a second home, you’ll pay the higher residential rates of LTT on properties costing more than £40,000.
This tax applies to both freehold and leasehold properties – whether you’re buying outright or with a mortgage.