
1 

(1) The title of these Regulations is the Land Transaction Tax (Temporary Variation of Rates and Bands for Residential Property Transactions) (Wales) Regulations 2020.
(2) These Regulations come into force on 27 July 2020.
(3) In these Regulations,  “the LTT Act” means the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017.
(4) Words and expressions used in these Regulations have the same meaning as they have in the LTT Act.
2 

(1) These Regulations have effect in relation to any chargeable transaction that—
(a) is a residential property transaction, and
(b) has an effective date on or after 27 July 2020, but before  1 July 2021.
(2) Paragraph (3) applies where—
(a) as a result of section 10(4) of the LTT Act, the effective date of the transaction falls on or after 27 July 2020 but before  1 July 2021, and
(b) the contract concerned is completed by a transfer on or after  1 July 2021.
(3) Where this paragraph applies, section 10(5)(b) of the LTT Act does not apply in relation to that transfer if the sole reason that (but for this regulation) it would have applied is that the modifications made by these Regulations have no effect in relation to that transfer.
3 
The Schedule to these Regulations specifies the tax bands and percentage tax rates for residential property transactions to which these Regulations apply for the purposes of section 24(1) of the LTT Act.
4 

(1) The Land Transaction Tax (Tax Bands and Tax Rates) (Wales) Regulations 2018  are amended as follows.
(2) In regulation 2—
(a) the existing text becomes paragraph (1);
(b) at the beginning of paragraph (1), insert “
                    Subject to paragraph (2),
                  ”;
(c) after paragraph (1) insert—“
(2) These Regulations do not have effect in relation to any chargeable transaction that is subject to the Land Transaction Tax (Temporary Variation of Rates and Bands for Residential Property Transactions) (Wales) Regulations 2020.”
Rebecca Evans

Minister for Finance and Trefnydd, one of the Welsh Ministers

SCHEDULE

Regulation 3
Tax band Relevant consideration Percentage tax rate
Zero rate band Not more than £250,000 0%
First tax band More than £250,000 but not more than £400,000 5%
Second tax band More than £400,000 but not more than £750,000 7.5%
Third tax band More than £750,000 but not more than £1,500,000 10%
Fourth tax band More than £1,500,000 12%