Welsh government prepares replacement for stamp duty

The Welsh government has published a draft of the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Bill.

The new tax would replace stamp duty land tax on transactions from 1st April 2018, though initially it will be consistent with the current UK tax, retaining its key elements concerning partnerships, trusts and companies, and reliefs and exemptions.

Decisions on tax rates will be made closer to April 2018, including an additional rate on second homes.