…but you do have to pay Land Transaction Tax.
Introduced in April 2018, Land Transaction Tax has replaced Stamp Duty Land Tax (SDLT) in Wales.
As with Stamp Duty, the tax varies depending on whether the property purchase is freehold or leasehold, your main residence or an additional property and of course, the purchase price. However, there is no additional relief for First Time Buyers.
The Land Transaction tax bands are different to those of the stamp duty bands.
If you are purchasing a home that is your main residence, the following rates apply:
For example, if you buy a house to which the main residential rates apply for £260,000:
If you are purchasing an additional property, you have to pay an additional 3% on top of each of the above rates:
Our free Calculator will work out the cost of moving home
To calculate Land Transaction Tax based on the value of your new home or second property, please click here.