The Welsh Minister for Finance has announced that the nil rate band of LTT – the Welsh version of Stamp Duty Land Tax (SDLT) – will, like the Scottish LBTT, be raised to £250,000, half that of the temporary English increase announced in the recent Summer Economic Update.
It is estimated that this will take 80% of Welsh homes out of Stamp Duty, but 60% were already in their wider nil rate band.
In contrast to the English holiday, it will NOT apply to additional properties, which will continue to suffer tax on the whole purchase price, with the higher rates starting at £180,000, as before.
Unlike the English holiday, the start date is delayed until 27 July, but will, like the rest of the UK run until 31 March 2021.
And in a separate development, the Scottish holiday has been announced as starting on 15 July 2020.