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Data Provider: Welsh Revenue Authority Land Transaction Tax statistics on higher rate refunds by original transaction date
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Measure2
MeasureThe two measures shown are a count of transactions subject to higher rate refunds, and the total value of those refunds.[Filter]
[Collapse]PeriodData are shown by the financial quarter (quarter 1 is April to June) and financial year (April to March) in which the transaction subject to the higher rate refund was effective.  Where part years are shown, these are marked with the suffix \'to date.\'[Filter]
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[Collapse]Period 1
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Period 2
Click here to sortNumber of transactionsClick here to sortRefunded higher rates tax (£ millions)
[Collapse]2018-191,98015.0
2018-19[Expand]April to June 2018-194603.3
[Expand]July to September 2018-195804.4
[Expand]October to December 2018-195504.4
[Expand]January to March 2018-193902.9
[Collapse]2019-201,97016.3
2019-20[Expand]April to June 2019-205003.9
[Expand]July to September 2019-205404.5
[Expand]October to December 2019-205304.4
[Expand]January to March 2019-204003.4
[Collapse]2020-211,61017.4
2020-21[Expand]April to June 2020-211801.5
[Expand]July to September 2020-213703.7
[Expand]October to December 2020-216106.4
[Expand]January to March 2020-214405.7
[Collapse]2021-221,22016.7
2021-22[Expand]April to June 2021-224506.2
[Expand]July to September 2021-223003.8
[Expand]October to December 2021-223104.3
[Expand]January to March 2021-221602.4
[Collapse]2022-23 (to date)2503.7
2022-23 (to date)[Collapse]April to June 2022-231702.4
April to June 2022-23April 2022-23600.8
May 2022-23600.9
June 2022-23400.6
[Collapse]July to September 2022-23701.1
July to September 2022-23July 2022-23400.5
August 2022-23200.3
September 2022-23200.3
[Collapse]October to December 2022-23 (to date)This only represents the quarter to date.October 2022-23100.2

Metadata

Title

Land Transaction Tax statistics for higher rate refunds, by effective date

Last update

25 November 2022 25 November 2022

Next update

23 December 2022

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 21 November 2022.

Care should be taken with any comparisons over time which involve data from spring 2020 to summer 2021. This is due to the coronavirus (COVID-19) pandemic and changes to LTT rates. A national lockdown on 23 March 2020 resulted in the housing market being mainly closed from this date until 22 June 2020 when it partially re-opened. The market was re-opened more fully on 27 July, to coincide with a change in LTT rates effective until 30 June 2021. There is evidence some purchasers may have brought their transactions forward to June 2021 to benefit from the temporary tax reduction.

There were some changes to LTT rates effective from 22 December 2020. Non-residential transactions and higher rates residential transactions were affected.

The main residential rates and bands for Land Transaction will change for transactions effective from 10 October 2022. We will present analysis of the impact of these changes in our next quarterly release.

The dataset focuses on residential transactions subject to a higher rate refund and includes the number of transactions subject to a refund, and the aggregate value of those refunds, broken down by:
- effective quarter and year of the original transaction

When a refund for higher rates residential transaction is claimed, the original transaction is amended to a main rate residential transaction.

Note the number and value of refunds presented for later effective dates is lower than that for earlier periods. This is because compared with earlier periods, insufficient time has passed since the transaction was effective for many of the relevant taxpayers to sell their previous main residence and claim their refund.

Data on the time taken to claim refunds can be found in the alternative dataset which compares the quarter of the original transaction with the quarter in which the refund is approved by the Welsh Revenue Authority.


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 for the transactions for which a refund applies, and the nearest £0.1 million for the aggregate value of the refunds.

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.

Keywords

Land Transaction Tax; LTT; Tax

Statistical quality

See weblinks