The Welsh Assembly passed the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Bill on 4 April 2017, putting in place the legislation necessary to replace Stamp Duty Land Tax in Wales from 1 April 2018. This will be the first time in almost 800 years that Wales has been able to set its own taxes.

The tax will be payable on the purchase or lease of a building or land in Wales over a certain price and includes a higher rate on additional residential properties – the higher rate has been payable in Wales through Stamp Duty Land Tax since April 2016. The Finance Secretary will announce the rates and bands for Land Transaction Tax by 1 October 2017 and the regulations will be laid after the UK 2017 Autumn Budget.

Charities will continue to benefit from the same exemptions as under SDLT.