You are here: Home - Mortgages - Buy To Let - News -

Stamp duty to rise on second homes in Wales

Written by: Lana Clements
The tax surcharge on second homes in Wales is to increase from Tuesday 22 December as part of government plans to raise £13m for social housing.

Property investors will pay up to 16 per cent on homes worth £1.6m or more, it was announced as part of the Welsh government’s draft budget for 2021-22.

The levy is to start at four per cent, previously three per cent, on properties up to £180,000 and increases in stages.

Wales finance minister Rebecca Evans said the budget would mean “difficult choices” as funding from the UK government to deal with the coronavirus falls.

Experts have warned the rest of the UK could follow suit.

Sean Randall, a partner at tax and advisory firm Blick Rothenberg, said: “The measures are a proportionate response to the effect of the pandemic in Wales. Pressure will now be on the UK government to pass similar measures.

“The Welsh government also announced that the stamp duty ‘holiday’ will not be extended in Wales. It will end, as planned, for completions on or after 1 April 2021.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Seven ways to get help with energy bills this winter

We knew today’s announcement was going to be painful, but it’s still a shock to the system. When this kick...

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week