The Welsh Government recently announced a consultation into tax devolution involving a Land Transaction Tax to replace SDLT and Landfill Disposals Tax to replace Landfill Tax.
The deadline for responses to the consultation is 6th & 19th May 2015. However, we would ask that members wishing to have their view incorporated into a HBF response, reply to Mark Harris (Mark.email@example.com ) by Monday 27th April to allow sufficient time for all views to be collated.
The LTT consultation asks 28 questions in total however the ones most relevant to the industry are:
Residential property transactions
Question 1: Do you think the current residential SDLT rates and bands are suitable for Wales? - If you think the current rates are suitable, please provide reasons why. - If you think the current rates are not suitable, please provide reasons why and, where appropriate, provide suggestions for alternative rates and bands.
Question 2: Do you think that the 15 per cent slab rate for certain transactions by non-natural persons should continue to operate in Wales following the introduction of LTT? Please explain the reason for your answer.
Question 3: What would be the key impacts on the residential market in Wales of having a different transaction tax regime from England?
Question 4: Do you think the Welsh Government should have the ability to change or introduce new rates and bands in LTT with immediate effect? Furthermore, do you think there are other areas of LTT where it would be appropriate for the Welsh Government to make changes with immediate effect? Please specify.
Question 5: Do you think the definition used in SDLT defines residential property adequately for the operation of the taxes? Please give details of practical problems with the definition and how you think the definition can be improved (either by statute or guidance).
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