
1 
The title of these Regulations is the Land Transaction Tax (Tax Bands and Tax Rates) (Wales) (Amendment) Regulations 2022 and they come into force on 10 October 2022.
2 
In these Regulations,—
(a) “the 2018 Regulations” means the Land Transaction Tax (Tax Bands and Tax Rates) (Wales) Regulations 2018;
(b) words and expressions used in these Regulations have the same meaning as they have in the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017.
3 
Subject to regulation 4, these Regulations have effect in relation to residential property transactions—
(a) with an effective date on or after 10 October 2022; and
(b) to which Table 1 of the Schedule to the 2018 Regulations applies.
4 
These Regulations do not have effect in relation to any transaction specified in regulation 3—
(a) if the buyer makes an election in accordance with regulation 6; and
(b) either:
(i) the transaction is effected in pursuance of a contract entered into and substantially performed before 10 October 2022; or
(ii) the transaction is effected in pursuance of a contract entered into but not substantially performed before 10 October 2022 and is not excluded by regulation 5.
5 
A transaction is excluded by this regulation if it is a transaction specified in regulation 3 which is effected in pursuance of a contract entered into before 10 October 2022 and where —
(a) there is any variation of the contract, or assignment of rights under the contract, on or after 10 October 2022;
(b) the transaction is effected in consequence of the exercise on or after 10 October 2022 of any option, right of pre-emption or similar right; or
(c) on or after 10 October 2022 there is an assignment, subsale or other transaction relating to the whole or part of the subject-matter of the contract as a result of which a person other than the buyer under the contract becomes entitled to call for a transfer.
6 

(1) An election under regulation 4 must—
(a) be included in a return made to the WRA in respect of the transaction, or in an amendment of that return; and
(b) comply with any requirements specified by the WRA as to its form or the manner of its inclusion.
(2) A buyer may only make an election under regulation 4 where the effect of such an election does not result in more tax being chargeable than would otherwise have been the case.
7 

(1) The Schedule to the 2018 Regulations is amended as follows—
(2) For Table 1 substitute—“

Table 1
Tax band Relevant consideration Percentage tax rate
Zero rate band Not more than £225,000 0%
First tax band More than £225,000 but not more than £400,000 6%
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%”
Rebecca Evans
Minister for Finance and Local Government, one of the Welsh Ministers
6 October 2022