The Welsh Conservatives have pledged to abolish the Land Transaction Tax (LTT) – Wales’s equal of stamp responsibility – on essential dwelling purchases in the event that they win subsequent Might’s Senedd election.
Welsh Conservative Senedd chief Darren Millar mentioned the tax “have to be scrapped to get our housing market and economic system shifting.”
The announcement follows the same coverage revealed earlier this week by UK Conservative chief Kemi Badenoch for England and Northern Eire.
Management over stamp responsibility in Wales was devolved to the Welsh authorities in 2018, when powers had been transferred from Westminster to Labour ministers.
In Wales, there’s presently no first-time purchaser aid, and the principle residential Land Transaction Tax (LTT) charges have remained unchanged since 2022.
At current, no tax is paid on houses valued as much as £225,000. Properties priced between £225,000 and £400,000 are taxed at 6%, whereas these between £400,000 and £750,000 face a 7.5% charge. Greater charges apply to dearer houses.
The Welsh Conservatives have proposed abolishing the tax on essential dwelling purchases and mentioned they might fund the coverage utilizing £400m in unallocated funds from subsequent yr’s price range – cash recognized by finance secretary Mark Drakeford.
Millar mentioned: “The aspiration-sapping Welsh stamp responsibility have to be scrapped to get our housing market and economic system shifting, and to offer individuals the dignity of proudly owning their very own dwelling.
“I need Wales to be a home-owning democracy the place everybody has a stake of their area people, and extra money in their very own pockets.”
