Call Us Now
01565 755 255
0161 480 2491
To Arrange Your FREE
The FREE No-Obligation
- Getting to know you - Listening to your business structure, your needs, your worries, your aspirations.
- Getting to know us - An opportunity for you to obtain a clear picture of Axel & how we can help you.
- Our free book - Why businesses stop growing & what you can do about it.
Wales takes over taxes starting from April 2018
The Welsh tax devolution will begin next month when Wales, the Welsh Government and the National Assembly for Wales, become responsible for some of the taxes paid in Wales for the first time in over 800 years. From April 2018, Wales will introduce the new Welsh Land Transaction Tax (LTT) which will replace the UK Stamp Duty Land Tax (SDLT) as well as the new Landfill Disposals Tax (LDT) which will replace Landfill Tax. This will be followed by the introduction of the Welsh Income Tax from April 2019.
In a joint press release by the UK and Welsh Governments the following important facts were highlighted:
Land Transaction Tax
LTT will be collected by the Welsh Revenue Authority. The Welsh Government published rates and bands for LTT in December 2017. HMRC will not accept SDLT returns for land transactions in Wales with an effective date of transaction on or after 1 April 2018. If you plan to purchase land or property in Wales on or after 1 April 2018, ask your conveyancer or solicitor about the arrangements for LTT.
Landfill Disposals Tax
From 1 April 2018, LDT will replace Landfill Tax in Wales. This will be administered by the Welsh Revenue Authority. The tax will be payable by landfill operators in Wales. For more information on Welsh taxes visit the Welsh Revenue Authority.
Welsh rates of Income Tax
From 6 April 2019, Welsh rates of Income Tax will be introduced. Income Tax will continue to be collected by HMRC. You will not need do anything as long as HMRC has your correct address - check and update your address through your personal tax account. Revenue from the Welsh rates of Income Tax will go to the Welsh Government.
Bron: National Assembly for Wales | 07-03-2018