Good news for Welsh homebuyers as Finance Minister sets out homebuyers’ tax holiday for Wales
17 July 2020
Mark Cook, Group Sales & Marketing Director at Persimmon Homes, looks at the latest news from the Welsh housing market.
This week saw Wales’ Finance Minister Rebecca Evans announce that land transaction tax will be changed in Wales, meaning around 80% of house sales will be exempt from paying any tax.
As on Monday 27 July 2020 the rate payable for properties valued at between £180,000 and £250,000 will be reduced to zero until the end of March 2021. Homes selling for less than £180,000 are already exempt from paying the tax in Wales.
The change will not apply to second homes or buy-to-let properties, where purchasers must pay an additional 3% in tax on top of the existing rate for their value.
As we know, the tax, known as stamp duty in England and Northern Ireland, has already been waived for properties in these countries up to the value of £500,000.
This tax holiday will be welcomed throughout Wales. Persimmon has two regional businesses operating in the country – East Wales and West Wales. Following guidance from the Welsh Government, we reopened our sites to house hunters across the country in June – with strict social distancing and health and additional safety measures in place.
To find your perfect home in Wales visit us at www.persimmonhomes.com/find-your-new-home