{"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 <\/p>\n – If consistency is important, what key elements need to be consistent? e.g. tax structure (marginal or slab, rates and bands, how transactions are taxed)?<\/span><\/p>\n <\/p>\n – If so, would a marginal rate be an improvement on this? Please give details.<\/span><\/p>\n A decision on the rates and bands of LTT will be made by the Welsh Government much closer to the date when SDLT is devolved to Wales in April 2018.<\/span><\/p>\n Provision is also made in the Wales Act 2014 for the disapplication of Landfill Tax in Wales and for it to be replaced by a Welsh tax on waste disposed to landfill. A Consultation on proposals for a replacement tax on waste disposed to landfill in Wales will be launched shortly.<\/span><\/p>\n The Welsh Government appears keen to maintain consistency with the current SDLT regime in England and Wales. Therefore, many of its proposals replicate SDLT measures. However, it is also keen to tailor LTT to the Welsh property market and where possible, to create a better regime for Wales than SDLT.<\/span><\/p>\n To have your say on the future of LTT in Wales, please go to:<\/span><\/p>\n http:\/\/wales.gov.uk\/consultations\/finance\/land-transaction-tax\/?lang=en<\/span><\/span><\/a><\/p>\n Please ensure that you respond before the 6th<\/sup>\u00a0May 2015.<\/span><\/span><\/p>\n For advice on SDLT or any other matter relation to commercial or agricultural property transactions, please contact Lucy Morris on tel. 01267 239 018 or by email lucy.morris@redkitelaw.co.uk<\/b><\/span><\/span><\/p>\n","protected":false},"excerpt":{"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. Stamp Duty Land Tax (SDLT) was introduced in England and Wales in 2003 to replace Stamp Duty….\n
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