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LTT & Anti-Avoidance of Devolved Taxes in Wales

Monday 09 January 2017

On 12 September 2016, the Cabinet Secretary for Finance and Local Government Mark Drakeford AM, introduced the Land Transaction Tax (LTT) and Anti-avoidance of Devolved Taxes (Wales) Bill and accompanying Explanatory Memorandum (EM).

The National Assembly Committee referred the Bill to the Finance Committee for consideration in July with a view to report back to the National Assembly by 22 December 2016.

NAEA responded to both the consultation into Higher Rates for Purchase of Additional Residential Properties in August and the Committees inquiry into LTT in October 2016. NAEA MD Mark Hayward also gave oral evidence during an evidence session on 13 October 2016, outlining the main challenges in implementing the Bill and offering recommendations to ensure it is put into operation effectively.

Mark highlighted the importance of a gradual changeover to allow for a full discussion and full awareness as to not skew the market, stressing the importance of caution.

The Committee recommended that the Cabinet Secretary commit to a full and extensive consultation on rate and bands, implementing clear tax thresholds and proposed detailed guidance.

In agreement with the Committee, NAEA would encourage the provision of guidance which sets out the banding of LTT, including any exemptions and suggested a simple table outlining the differences between Land Transaction Tax and Stamp Duty Land Tax.

The Cabinet Secretary told the committee that in introducing a new tax, he would be mindful of the need for it to be broadly consistent with SDLT in order to allow for a smooth transition between the old and new tax system.

The Bill is currently at Stage 1 where the legislative competency is being considered. The Plenary will meet to assess the general principles of the Bill and any amendments will be referred back to the committee. The next meeting will take place on 10 Jan.

NAEA will continue to engage with the Welsh Government ensure member's voices are heard.

We would greatly encourage members to contribute their views to future consultations and take part in NAEA monthly surveys as the information really can help to shape the Government’s views of the market and influence future decision making.