{"id":1449,"date":"2015-04-06T10:35:49","date_gmt":"2015-04-06T09:35:49","guid":{"rendered":"http:\/\/redkite.0-2000webhosting.co.uk\/?p=1449"},"modified":"2019-11-22T10:36:06","modified_gmt":"2019-11-22T10:36:06","slug":"the-future-of-land-duty-tax-in-wales-in-commercial-agricultural-property-transactions","status":"publish","type":"post","link":"https:\/\/www.redkitesolicitors.co.uk\/firm-news\/the-future-of-land-duty-tax-in-wales-in-commercial-agricultural-property-transactions\/","title":{"rendered":"The Future of Land Duty Tax in Wales in Commercial & Agricultural Property Transactions"},"content":{"rendered":"

Lucy Morris, Partner and the Head of the Commercial and Agricultural Property team at Redkite Solicitors explains the Welsh Government\u2019s consultation of Stamp Duty Land Tax in Wales and how you can have your say on its future.<\/span><\/p>\n

Stamp Duty Land Tax (SDLT) was introduced in England and Wales in 2003 to replace Stamp Duty. SDLT is a self-assessed tax on land transactions with separate rates on residential and non-residential transactions. Non-residential transactions include:-<\/span><\/p>\n

– commercial property such as shops, factories, offices etc;<\/span><\/p>\n

– agricultural land;<\/span><\/p>\n

– forests;<\/span><\/p>\n

– development land;<\/span><\/p>\n

– any other land or property which is not used, or suitable for use, as a dwelling; and<\/span><\/p>\n

– six or more dwellings acquired in a single transaction.<\/span><\/p>\n

SDLT affects so many of us, as home buyers and sellers, as builders, as developers or investors in property, as agricultural landowners and as businesses renting premises in the commercial property market.<\/span><\/p>\n

SDLT generates a significant amount of revenue in Wales and the UK. The latest HMRC estimates for SDLT in 2013-14 show UK revenues of \u00a39.3 billion and Welsh revenues of \u00a3145 million. In 2013-14, non-residential transactions generated \u00a360m of SDLT in Wales.<\/span><\/p>\n

\u00a0The Wales Act 2014 (“the Act”) enables the Welsh Government to legislate about devolved taxation, specifically SDLT and landfill tax. The Act confers powers on the Assembly to replace SDLT with a Welsh tax on transactions involving interests in land.<\/span><\/p>\n

\u00a0On 10 February 2015, the Welsh Government published proposals for a land transaction tax (LTT) to replace SDLT in Wales from April 2018. Comments are invited by\u00a06th<\/sup>\u00a0May 2015<\/u>\u00a0on a number of issues. Comments are invited on the following questions in relation to non-residential transactions:<\/span><\/p>\n