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Trade group warns politicians over new tax powers

Trade group warns politicians over new tax powers

The Residential Landlords Association says new tax powers devolving to the Welsh Assembly should involve exemptions when it comes to the three per cent stamp duty surcharge.

The Wales Bill - the legislation that grants new powers to the Welsh Assembly - allows the Assembly to rename stamp duty in Wales as Land Transaction Tax. 

For the moment at least, it appears that LTT - which will come in to effect in 2018 at the earliest - will operate the same way as stamp duty in much of the rest of the UK including the additional three per cent levy on second homes and buy to let purchases.

The Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Bill is the Welsh legislation that contains the new Land Transaction Tax, and is currently working its way through the Welsh Assembly.

The RLA says that under the new LTT legislation there should be exemptions for those landlords buying buy to let properties. 

“Although some complexities exist around funding formulas and the deemed amount that the additional levy would bring to the Welsh Treasury, creating exemptions could be a way to stimulate growth and increase housing supply in key areas, at a relatively low and controlled cost†says a statement from the RLA.

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