The Land Transaction Tax (Temporary Variation of Rates and Bandsfor Residential Property Transactions) (Wales) (Amendment) Regulations 2021

CitationSI 2021/238 (W61)

2021 No. 238 (W. 61)

Land Transaction Tax, Wales

The Land Transaction Tax (Temporary Variation of Rates and Bands for Residential Property Transactions) (Wales) (Amendment) Regulations 2021

Made 3rd March 2021

Laid before Senedd Cymru 4th March 2021

Coming into force 1st April 2021

The Welsh Ministers make the following Regulations in exercise of the powers conferred on them by sections 24(1) and 78(1) of the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 20171.

S-1 Title and commencement

Title and commencement

1.—(1) The title of these Regulations is the Land Transaction Tax (Temporary Variation of Rates and Bands for Residential Property Transactions) (Wales) (Amendment) Regulations 2021.

(2) These Regulations come into force on 1 April 2021.

S-2 Amendment of the Land Transaction Tax (Temporary Variation of Rates and Bands for Residential Property Transactions) (Wales) Regulations 2020

Amendment of the Land Transaction Tax (Temporary Variation of Rates and Bands for Residential Property Transactions) (Wales) Regulations 2020

2. In the Land Transaction Tax (Temporary Variation of Rates and Bands for Residential Property Transactions) (Wales) Regulations 20202, in regulation 2 (application), for “1 April 2021”, in each place it occurs, substitute “1 July 2021”.

Rebecca Evans

Minister for Finance and Trefnydd, one of the Welsh Ministers

3 March 2021

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the Land Transaction Tax (Temporary Variation of Rates and Bands for Residential Property Transactions) (Wales) Regulations 2020 ( S.I. 2020/794 (W. 174)(“the 2020 Regulations”). The 2020 Regulations provide for a temporary variation to the tax bands and percentage tax rates of land transaction tax applicable to residential property transactions with an effective date on or after 27 July 2020, but before 1 April 2021. These Regulations extend the application of the temporary variation to residential property transactions with an effective date on or after 27 July 2020 but before 1 July 2021.

The Welsh Ministers’ Code of Practice on the carrying out of Regulatory Impact Assessments was considered in relation to these Regulations. As a result, a regulatory impact assessment has been prepared as to the likely costs and benefits of complying with these Regulations. A copy can be obtained from the Welsh Government, Cathays Park, Cardiff, CF10 3NQ...

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