Written question WQ97646
- Asked by
- Heledd FychanPlaid
- To be answered by
- Cabinet Secretary for Finance and Welsh Language
- Tabled
- Due
- Answered
- Time to answer
- 6 days
Question
How much revenue was raised in 2024 as a result of the land transaction tax contributions of first-time buyers in Wales?
Answer
Answered by Cabinet Secretary for Finance and Welsh Language
It is not possible to say how much land transaction tax (LTT) was paid by first time buyers in Wales as such buyers are not required to inform WRA of their status.
LTT only starts to be paid by homebuyers liable to the main residential rates if they buy homes costing more than £225,000. Currently, the average price paid by a first-time buyer in Wales is around £182,000. Our rates and bands ensure that around 6 out of 10 of all homebuyers liable to the main residential rates do not pay LTT including most first-time buyers.