Source: National Assembly for Wales | 07/03/18
The Welsh tax devolution will begin next month when Wales, the Welsh Government and the National Assembly for Wales, become responsible for some of the taxes paid in Wales for the first time in over 800 years. From April 2018, Wales will introduce the new Welsh Land Transaction Tax (LTT) which will replace the UK Stamp Duty Land Tax (SDLT) as well as the new Landfill Disposals Tax (LDT) which will replace Landfill Tax. This will be followed by the introduction of the Welsh Income Tax from April 2019.
In a joint press release by the UK and Welsh Governments the following important facts were highlighted:
Land Transaction Tax
LTT will be collected by the Welsh Revenue Authority. The Welsh Government published rates and bands for LTT in December 2017. HMRC will not accept SDLT returns for land transactions in Wales with an effective date of transaction on or after 1 April 2018. If you plan to purchase land or property in Wales on or after 1 April 2018, ask your conveyancer or solicitor about the arrangements for LTT.
Landfill Disposals Tax
From 1 April 2018, LDT will replace Landfill Tax in Wales. This will be administered by the Welsh Revenue Authority. The tax will be payable by landfill operators in Wales. For more information on Welsh taxes visit the Welsh Revenue Authority.
Welsh rates of Income Tax
From 6 April 2019, Welsh rates of Income Tax will be introduced. Income Tax will continue to be collected by HMRC. You will not need do anything as long as HMRC has your correct address - check and update your address through your personal tax account. Revenue from the Welsh rates of Income Tax will go to the Welsh Government.
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Some accountancy websites also provide pages and pages of tax information, helpsheets, etc. We prefer to give clients personally tailored advice. So, if you want details of tax rates and allowances just go to the HMRC website on which you should find what you’re looking for. If you need more individual advice please contact us.
Below are links to websites you may find of interest, but as we like to support our local community and clients, we have included links to websites that may be of interest:
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