Title

Land Transaction Tax statistics, by transaction type, transaction value, measure and effective date

Last update

27 June 2019 27 June 2019

Next update

25 July 2019

Publishing organisation

Welsh Revenue Authority

Source 1

Land Transaction Tax returns, Welsh Revenue Authority

Contact email

data@wra.gov.wales

Designation

None

Lowest level of geographical disaggregation

Wales

Geographical coverage

Wales

Languages covered

English and Welsh

Data licensing

You may use and re-use this data free of charge in any format or medium, under the terms of the Open Government License - see http://www.nationalarchives.gov.uk/doc/open-government-licence

General description

From 1 April 2018, LTT replaced Stamp Duty Land Tax (SDLT) on residential and non-residential property and land interests purchased in Wales. The tax rates and tax bands for LTT vary depending on the type of transaction.

Taxpayers must notify the WRA of all land transactions with a value above £40,000. There are also circumstances where certain lease transactions are not notifiable if they are less than 7 years in duration. When filing an LTT return, the organisation paying the return has 30 days after the effective date to submit and pay the return.

This dataset includes estimates of LTT notifiable transactions received by the WRA by the close of 17 June 2019.

The dataset includes a breakdown by:
- transaction type: residential (including sub-categories for main rate and higher rate transactions), non-residential
- transaction value: values grouped into the different bands for which different rates are charged
- measure: number of transactions, tax due, value of property taxed
- effective date (month, quarter and year)

Note that because the value bands differ for residential and non-residential transactions and so there is no viable band breakdown for the total across the two.

Note also that where a new non-residential lease is granted, there may be both a purchase element and a rental element. The rental elements are a different concept, shown separately, and not included in the non-residential or overall totals (which reflect the purchase elements only).

Data collection and calculation

See weblinks

Frequency of publication

Monthly

Data reference periods

Data are shown by the month, financial quarter (quarter 1 is April to June) and financial year (April to March) in which the transaction was effective. Where part quarters and years are shown, these are marked with the suffix "to date."

Users, uses and context

These statistics have been established to meet the immediate user requirement for data on the implementation of LTT, following the establishment of the WRA. Our key users are colleagues from the Welsh Treasury within the Welsh Government, the Office of Budget Responsibility, and other tax authorities in the UK.

Rounding applied

Values in this dataset are rounded to the nearest 10 transactions, nearest £0.1 million tax due, and nearest £1 million for the value of property taxed.

Revisions information

Land Transaction Tax statistics are regularly revised and the values for the latest period are provisional. When filing a LTT return, the organisation paying the return has 30 days after the ‘effective date’ to submit and pay the return. The effective date is when the tax becomes liable to be paid, usually when a transaction is completed on a property. Additional LTT transactions relating to the most recent month are therefore likely to be filed during the following month. See weblinks for analysis of these revisions.

Values for earlier periods are subject to revisions for several years. Transactions can be amended for a variety of reasons and the statistics are revised each month to reflect amendments to transactions. In particular, this will be due to higher rate refunds. When a refund for higher rates residential LTT is claimed, the original transaction is amended to a main rate residential LTT transaction. The taxpayer has up to three years to sell their previous main residence and claim a refund.

Statistical quality

See weblinks

Weblinks

https://gov.wales/land-transaction-tax-statistics;
https://gov.wales/key-quality-information-land-transaction-tax-statistics;
https://gov.wales/funding/fiscal-reform/welsh-taxes/land-transaction-tax

Keywords

Land Transaction Tax; LTT; Tax

Name

WRAX0003