Wales: Land transaction tax (LTT)—administration and compliance

Produced in partnership with Andrew Evans of Geldards LLP

Practice notes

Wales: Land transaction tax (LTT)—administration and compliance

Produced in partnership with Andrew Evans of Geldards LLP

Practice notes

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
•
enquiries
•
assessments
•
penalties

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.

Administration

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 Merthyr Tydfil.

LTT returns

When a notifiable land transaction has been entered into, a LTT return must be submitted to WRA

Andrew Evans

Partner, Geldards LLP

Andrew has spent his career advising owner managers and SME businesses/companies on their tax affairs. In common with many tax advisers in regional law firms, Andrew’s practice covers a wide range of tax areas, from Corporate M&A support, company restructuring and reorganisations including demergers, share schemes and property taxes including vat, SDLT and LTT. Andrew has also developed a specialism advising business owners and companies on selling their company to an Employee Ownership Trust.

Andrew was a member of the Welsh Government’s Tax Advisory Group which assisted Welsh Government develop the LTT regime.

Jurisdiction(s):

United Kingdom

Key definition:

Administration definition

What does Administration mean?

Administration is a procedure under the Insolvency Act 1986, under which a company in financial difficulties is run by an Administrator as a going concern prior to the implementation of longer-term options such as break-up and sale.

Wales: Land transaction tax (LTT)—administration and compliance

Produced in partnership with Andrew Evans of Geldards LLP