A consultation has been launched on a Land Transaction Tax (LTT) which will replace UK Stamp Duty Land Tax (SDLT) in Wales from April 2018.
Recent HMRC estimates for 2013-14 show Welsh revenues of £145 million for Stamp Duty Land Tax, whereas the Office for Budgetary Responsibility forecasts that when the tax is devolved, the SDLT revenues could be £231m in Wales.
The consultation seeks views on 28 specific questions in relation to tax structure, bands and rates for both residential and non-residential transactions; partnerships, trusts and companies; leases; reliefs and exemptions; and compliance and avoidance.
The impact of the changes made to this tax will potentially be felt by a sizeable proportion of the Welsh population – which is why the Minister for Finance and Government Business, Jane Hutt, is encouraging everyone to contribute views and help shape the first Welsh tax… in over 800 years!
Read the full consultation document here