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Data Provider: Welsh Revenue Authority Land Transaction Tax statistics on reliefs by measure and transaction type
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[Collapse]Impact on tax[Filtered]
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Impact on tax 1[Filter]
[Collapse]Period[Filtered]
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Period 1[Filtered]
Measure2
[Collapse]Transaction type[Filter]
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Transaction type 1
Measure[Filter]
[Collapse]Relief type[Filter]
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Relief type 1
[Collapse]All transactionsClick here to sortAll transactions
Click here to sortResidentialClick here to sortNon-residential
Number of transactions[Collapse]All reliefs14070200
All reliefsCharities relief402060
Group relief103030
Social housing relief30*30
Multiple dwellings relief20*20
All other reliefs401050
Tax due (£ million)[Collapse]All reliefs0.3*0.4
All reliefsCharities relief~~~
Group relief~~~
Social housing relief~*~
Multiple dwellings relief0.3*0.4
All other reliefs~~~
Value of tax relieved (£ millions)[Collapse]All reliefs1.11.32.4
All reliefsCharities relief0.40.20.6
Group relief~0.91.0
Social housing relief0.2*0.2
Multiple dwellings relief0.2*0.3
All other reliefs0.20.20.4

Metadata

Title
Land Transaction Tax statistics, by relief type, transaction type, impact on tax, measure and effective year and quarter

Last update
30 July 2020 30 July 2020

Next update
21 August 2020

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 20 July 2020.

The dataset focuses on the transactions subject to a relief only and includes a breakdown by:
- relief type: the four main categories of relief plus an ‘other’ category making up the rest
- transaction type: residential, non-residential
- transaction description: conveyance / transfer of ownership, granting a new lease, assignment of lease
- impact on tax due: yes, no
- measure: number of transactions, estimates of the value of tax relieved due, and the tax due on the transactions
- effective quarter and year

Reliefs can be claimed on both residential and non-residential properties. Reliefs reduce the amount of tax due when certain conditions are met. Multiple reliefs can be applied to a single transaction and reliefs may reduce the tax due to zero (known as a full relief) or by a certain percentage or amount (known as a partial relief).

Previously, we excluded linked and relieved transactions from this dataset. This was so that we could carry out further analysis on these transactions. We have now carried out this analysis and have a reasonable level of confidence in the quality of these data. We have now added linked and relieved transactions into this dataset, revising all data back to April 2018. This has added around 60 to 70 relieved transactions each quarter, and an average of £4 million to £5 million each quarter in reliefs.

Reliefs are sometimes claimed where they have no impact on the tax due. These can be viewed separately in this dataset and many of them have been reported unnecessarily by the organisations completing the tax returns. As an example, some of these apply to low value residential transactions. Indications are that they are due to a perceived but mistaken need to claim first time buyer relief (which applies for the predecessor tax, but not to Land Transaction Tax). This is known following queries raised with several agents asking why tax reliefs have been claimed where there is no impact on value of the tax. Further information about this category of reliefs is provided in the example 4 in the key quality information found in the weblinks.

That example also describes some adjustments that have been made to more correctly identify the value of tax relieved associated with these transactions. Further adjustments are expected in future, and so the numbers shown here for reliefs where there is no impact on tax due are likely to be revised in future.


Data collection and calculation
See weblinks

Frequency of publication
Quarterly

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 transaction was effective. Where part 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 transactions, and the nearest £0.1 million for tax relieved and tax due.

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