Land Transaction Tax statistics on higher rate refunds by original transaction date
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Number of transactionsMetadata
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Title
Land Transaction Tax statistics for higher rate refunds, by effective dateLast update
31 October 2024Next update
22 November 2024Publishing organisation
Welsh Revenue AuthoritySource 1
Land Transaction Tax returns, Welsh Revenue AuthorityContact email
data@wra.gov.walesDesignation
NoneLowest level of geographical disaggregation
WalesGeographical coverage
WalesLanguages covered
English and WelshData 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-licenceGeneral 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 October 2024.
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 changed for transactions effective after 10 October 2022.
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 weblinksFrequency of publication
MonthlyData 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.
Weblinks
https://gov.wales/land-transaction-tax-statisticshttps://gov.wales/quality-information-land-transaction-tax-statistics
https://gov.wales/funding/fiscal-reform/welsh-taxes/land-transaction-tax
