Welsh government considering future of multiple dwellings relief
In last month’s Spring Budget, the UK government scrapped multiple dwellings relief. Now, the Welsh government is considering a similar move. What’s the full story?
The Budget announcement that multiple dwellings relief (MDR) would be abolished only applies to stamp duty land tax, i.e. to property transactions in England or Northern Ireland. Scotland and Wales have their own devolved systems, though these operate in a very similar way. The Welsh government has published a consultation inviting views on scrapping the multiple dwellings relief applicable to land transaction tax (LTT).
The consultation is also seeking views on the following:
- the abolition of the relief provided on the purchase of six or more dwellings in a single transaction, alongside the abolition of LTT MDR
- the potential review or amendment of other LTT reliefs; and
- the possible impact on the Welsh language.
Any responses should be returned by 19 May 2024.
Related Topics
-
MONTHLY FOCUS: SECONDARY INCOMES
In 2023 it was revealed that HMRC would enjoy new data-sharing information from online selling platforms from 1 January 2024, including eBay, Etsy, etc. This led to media speculation that innocent people selling second-hand items would soon be hearing from a tax inspector. In this monthly focus, we look at the tax consequences of starting a small trade, or taking a second job.
-
New online service for voluntary contributions goes live
If you have gaps in your NI history, you can pay voluntary contributions to increase your entitlement to certain benefits, e.g. the state pension. You can now do this online. How do you access the new service?
-
Investing in woodlands - what are your options?
Investing in woodlands comes with several tax breaks. To make the most of these should you invest personally or through a company?