If you are about to buy a property in Wales, you need to consider the new land transaction tax (LTT) that comes into effect for all property deals which complete on or after 1 April 2018.
The LTT replaces stamp duty land tax (SDLT) and in general its rates are lower (see table). If you are purchasing a residential property for more than £400,000 or commercial property costing more than £1.1 million, you may save some tax if you complete before 1 April.
There is no special exemption for first-time buyers, as the average amount paid for a first home in Wales is around £160,000 which falls within the zero-rate band. Individuals purchasing a second home for £40,000 or more will pay the additional property rate of LTT. Companies also pay the additional property rate on the purchase of residential properties for £40,000 or more.