What is Land Transaction Tax (LTT)?

Land Transaction Tax (LTT) is the Welsh equivalent of Stamp Duty Land Tax in England, levied on purchases of land and property in Wales. It is administered by the Welsh Revenue Authority rather than HMRC and has different rate bands and thresholds from SDLT. From July 2024 the nil-rate threshold for residential property is £225,000. First-time buyer relief applies up to £500,000. Additional property surcharges apply at 4% on top of standard rates. Buyers have 30 days from completion to submit an LTT return and pay any tax due to the Welsh Revenue Authority.