As part of government plans to raise £13 million for social housing as from Tuesday 22nd December 2020, stamp duty will increase on second homes in Wales.
The announcement made in the Welsh government's draft budget in December 2020 for tax year 2021-2022, will mean 2nd property investors on values up to £180,000 will pay 4% Land Transaction Tax and this will increase in stages, meaning a home worth £1.6 million the stamp duty will be 16%.
We suggest the rest of the UK could also follow with a stamp duty rise.
The Welsh government also announced that the stamp duty holiday will not be extended and it will end as planned and for property sale completions on or after 1st April 2021.
Cue - Rishi Sunak's Budget on 3rd March 2021.
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