The following Tax guidance note Produced in partnership with Andrew Evans of Geldards LLP provides comprehensive and up to date legal information covering:
Land transaction tax (LTT) replaced stamp duty land tax (SDLT) in Wales with effect from 1 April 2018.
This Practice Note highlights the administrative and compliance issues in relation to LTT including:
filing returns and payment
managing and collection of LTT by the Welsh Revenue Authority (WRA)
amendment and correction of returns
Where relevant, comparisons between LTT and SDLT are highlighted. The Practice Note expands on the basics of LTT set out in the Practice Note: Wales: Land transaction tax (LTT)—the basics.
Provision for LTT is contained in the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (LTTADT(W)A 2017). Statutory references are to the LTTADT(W)A 2017 unless stated otherwise.
LTT is administered by the WRA. The WRA is a non-ministerial department of Welsh Government with its own board and staff. The WRA is headquartered in Treforest.
When a notifiable land transaction has been entered into, a LTT return must be submitted to WRA within 30 days of the effective date of the transaction with a self-assessment of the amount of LTT due. By comparison, SDLT returns have to be submitted within 14 days (with effect from 1 March 2019).
A notifiable transaction includes the acquisition of a major interest in land unless the transaction is included in a list of exceptions set out in
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