New plans to replace Stamp Duty Land Tax in Wales could mean good news for landlords and tenants.
The Residential Landlords Association Cymru has welcomed the Welsh Government’s plans for a new Land Transaction Tax from 2018 to replace Stamp Duty, revealed in a new Bill published this week.
The association is campaigning to ensure the Welsh Government does not copy Westminster’s additional three per cent levy on the purchase of homes to rent.
It argued this would discourage landlords from investing in much needed new homes to let, reducing choice for tenants and increasing rents.
RLA Vice Chairman and Director for Wales, Douglas Haig, said: “The Bill as now drafted is to be welcomed as an opportunity to meet the housing needs of people across Wales.
“We have long argued that the stamp duty levy introduced by the former Chancellor would choke off the supply of much needed new housing. We look forward to further fruitful discussions with the Welsh Government as the Bill progresses through the Assembly.”