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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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Click here to sortNumber of transactionsClick here to sortRefunded higher rates tax (£ millions)
[Collapse]2018-191,1508.8
2018-19[Collapse]April to June 2018-193502.5
April to June 2018-19April 2018-191000.7
May 2018-191300.9
June 2018-191200.9
[Collapse]July to September 2018-193602.8
July to September 2018-19July 2018-191200.9
August 2018-191200.9
September 2018-191201.0
[Collapse]October to December 2018-192802.3
October to December 2018-19October 2018-19900.7
November 2018-191000.9
December 2018-19900.7
[Collapse]January to March 2018-191601.2
January to March 2018-19January 2018-19600.4
February 2018-19400.3
March 2018-19600.4
[Collapse]2019-20 (to date)1401.2
2019-20 (to date)[Collapse]April to June 2019-201101.0
April to June 2019-20April 2019-20600.5
May 2019-20300.3
June 2019-20300.2
[Collapse]July to September 2019-20 (to date)200.2
July to September 2019-20 (to date)July 2019-20200.2
August 2019-20**

Metadata

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

Last update
20 September 2019 20 September 2019

Next update
31 October 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 16 September 2019.
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.

Statistical quality
See weblinks

Keywords
Land Transaction Tax; LTT; Tax