The threshold for Land Transaction Tax (LTT) increased from £180,000 to £225,000 from 10 October 2022. Properties costing between £225,000 and £400,000 are subject to a rate of six per cent.
The remaining rates are unchanged, with the next £350,000 subject to a rate of 7.5 per cent, the next £300,000 being charged at 10 per cent and anything over £1.5 million at 12 per cent.
The removal of the 3.5 per cent rate between £180,000 and £250,000 and the introduction of the new six per cent band means there will be winners and losers from the change. As a result, you can elect to apply transitional provisions if you had exchanged contracts before 10 October 2022 but had not completed the transaction.
For advice on the implications of the change and the transitional arrangements, speak to us today.
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