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Data Provider: Welsh Revenue Authority Land Transaction Tax statistics on tax paid and higher rate refunds (cash basis) by time period
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[Collapse]PeriodData 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.\'[Filter]
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[Collapse]Period 1
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Click here to sortNumber of higher rate residential refunds (cash basis)Click here to sortRefunded higher rates tax (cash basis) (£ millions)Click here to sortValue of LTT payments (£ millions)
[Collapse]2018-196405.0219.5
2018-19[Collapse]April to June 2018-19200.138.6
April to June 2018-19April 2018-1900.06.1
May 2018-19~Represents a value which rounds to zero, but is not zero~Represents a value which rounds to zero, but is not zero17.0
June 2018-19200.115.5
[Collapse]July to September 2018-191100.962.7
July to September 2018-19July 2018-19200.220.5
August 2018-19300.223.6
September 2018-19700.518.6
[Collapse]October to December 2018-192201.765.7
October to December 2018-19October 2018-19700.521.7
November 2018-191000.822.0
December 2018-19500.422.0
[Collapse]January to March 2018-192802.252.5
January to March 2018-19January 2018-191000.820.6
February 2018-191000.814.4
March 2018-19900.717.5
[Collapse]2019-201,42010.9232.9
2019-20[Collapse]April to June 2019-202802.047.8
April to June 2019-20April 2019-201100.816.9
May 2019-20900.616.0
June 2019-20900.714.9
[Collapse]July to September 2019-203903.160.5
July to September 2019-20July 2019-201401.120.1
August 2019-201201.021.5
September 2019-201301.018.8
[Collapse]October to December 2019-203502.572.1
October to December 2019-20October 2019-201000.823.6
November 2019-201300.918.0
December 2019-201200.830.5
[Collapse]January to March 2019-204103.252.5
January to March 2019-20January 2019-201501.215.0
February 2019-201000.719.4
March 2019-201601.318.1
[Collapse]2020-21 (to date) This only represents the year to date.7306.0109.9
2020-21 (to date) This only represents the year to date.[Collapse]April to June 2020-212802.455.3
April to June 2020-21April 2020-211401.237.6
May 2020-21600.59.1
June 2020-21800.78.5
[Collapse]July to September 2020-213102.537.3
July to September 2020-21July 2020-21900.810.9
August 2020-211100.912.1
September 2020-211100.914.3
[Collapse]October to December 2020-21 (to date)This only represents the quarter to date.October 2020-211401.117.4

Metadata

Title

Land Transaction Tax statistics on tax paid and higher rate refunds (cash basis), by time period

Last update

20 November 2020 20 November 2020

Next update

23 December 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.

The data in this release should be considered in the context of the coronavirus (COVID-19) outbreak. This had a significant impact on the number of property transactions and tax due during the first half of 2020-21. It therefore affects comparisons made between this period and the same period in 2019-20.

The national lockdown imposed on 23 March 2020 resulted in the housing market being mainly closed until it was partially re-opened on 22 June. At that point, house viewings could take place in vacant properties along with house moves where a sale has been agreed but not yet completed. The market was then more fully opened on 27 July to coincide with a change in LTT rates effective until 31 March 2021. Although there were some further local lockdowns imposed towards the end of the period reported in this release (end September 2020), these do not appear to have had any significant impact on transaction counts.

The dataset includes a breakdown by:
- number and value of refunds on higher rates residential by time period (cash basis)
- Land Transaction Tax paid to the Welsh Revenue Authority

This data can be found in Table 6a and Table 7 of our statistical releases, here: https://gov.wales/land-transaction-tax-statistics. It is particularly useful when analysing Land Transaction Tax statistics on a cash basis.


Data collection and calculation

See weblinks

Frequency of publication

Monthly

Data reference periods

Data are shown by month, financial quarter (quarter 1 is April to June) and financial year (April to March). 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 transactions, and nearest £0.1 million 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