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Data Provider: Welsh Revenue Authority Land Transaction Tax statistics on higher rate refunds by original transaction date and refund approved date
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Measure[Filtered]
Measure2
[Collapse]Refund approved period[Filter]
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Refund approved period 1
[Collapse]Effective period[Filter]
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-
Effective period 1
[Collapse]2018-19Click here to sort2018-19[Collapse]2019-20 (to date)Click here to sort2019-20 (to date)
Click here to sortApril to June 2018-19Click here to sortJuly to September 2018-19Click here to sortOctober to December 2018-19Click here to sortJanuary to March 2018-19Click here to sortApril to June 2019-20Click here to sortJuly to September 2019-20 (to date)
[Collapse]2018-1920120230290650260170430
2018-19April to June 2018-19201009060260403070
July to September 2018-19.201201002407040100
October to December 2018-19..201201408040120
January to March 2018-19...10108060140
[Collapse]2019-20 (to date)April to June 2019-20.....304070

Metadata

Title
Land Transaction Tax statistics for higher rate refunds, by effective year and quarter and year and quarter of refund approval

Last update
23 August 2019 23 August 2019

Next update
20 September 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 19 August 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
- the quarter and year in which the refund was approved, which may be as much as three years after the original transaction
When a refund for higher rates residential transaction is claimed, the original transaction is amended to a main rate residential transaction. With up to three years for taxpayers to sell their previous main residence and claim a refund, the data for any given quarter (relating to the effective date of the original transaction) may be broken down into any refund approved quarter in the subsequent three years, including the most recent quarter (which may not be complete by the date above). For this reason, the refund approved date presented here includes that most recent quarter, and the note against that quarter explains how much of it is covered in the data.
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 collection and calculation
See weblinks

Frequency of publication
Monthly

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

The refund may be approved at an time up to three years after the transaction was effective. As such the analysis by refund approval date includes all quarters up to the date set out in the general description. As this date is often within a quarter, the latest refund approval quarter is a part quarter.

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