Property Taxes across the UK
From 22 November 2017, there is an exemption for first-time buyers from SDLT on the first £300,000 when buying a home, where the total price of the property is not more than £500,000. 5% is payable on purchases between £300,000 and £500,000. However, with devolved taxes, buying a property in Scotland and Wales can bring different tax consequences.
In Scotland, Land and Buildings Transaction Tax (LBTT) applies instead of SDLT. Therefore an LBTT relief for first-time buyers of properties up to £175,000 has been proposed in the Scottish Draft Budget 2018/19. This is subject to a government consultation before the relief launches in 2018/19.
Welsh first-time buyers benefit from first-time buyers SDLT relief until 31 March 2018. Land Transaction Tax (LTT) replaces SDLT in Wales from 1 April 2018. The starting rate for LTT will be £180,000, benefiting not just first-time buyers but other home buyers in Wales. A higher rate, of 3% over standard rates for additional residential properties, applies to purchases throughout the UK whether SDLT, LBTT or LTT applies. A new land-transaction-tax-calculator is available.
HMRC has issued guidance on the changes in Wales and the transitional rules for property transactions.
Being immersed in the nitty gritty of tax? Talk to Simon Boxall at Ward Williams who can help with some thorny subjects such as should I let my property furnished or unfurnished? Or when should I do maintenance work?Jeremy Wasden, Director at Belvoir Lettings Uxbridge
Because services have always been reliable and questions are answered and advice given promptly.Ian Macdonald, Macdonald Associates Consultancy
A high level of dedicated personal service and ability to find and recommend solutions and complex questions.Bruce Todd, InCompass International Consultancy Services Ltd.
I have always found Ward Williams team to be responsive and helpful to any questions for advice.Ann Tomsett
We have had a long successful working relationship with Ward Williams over many years.David Warwick, MASDAR (UK) Limited.
Knowledgeable and informative advice. Trustworthy and competent. Very friendly likeable staff. Completely Satisfied.Mrs Ingrid Klinkhamer
I am extremely happy with the service provided and would try to recommend Ward Williams at every opportunity.Michelle McIntyre, Airboe Components Limited.
I have enjoyed a long relationship with Ward Williams and have found you to be very competent at what you do!Bryan Lewis, Media On Demand
To date I have been very satisfied with the service providedDavid Hawkins, Cane Bay PTY Ltd.
Excellent service both personally and as a business.Guy Hewitt, Angelo European Trading (UK) Ltd.
Ward Williams supported my business since shortly after its inception. Phil, Ming and Jamie respond constructively and promptly to any queries that I may have and my dealings with the other staff are always friendly and courteous.Madeline McGill, Senior Executive Selection Coaching & Development Ltd.
Great service from great people. Moving our business to Ward Williams was one of our better decisions.John Yeomans, Champagne Food Ltd.
Friendly, efficient and professional service.Irene Reid, Domains Lettings Ltd.