The Welsh Government’s new plans to replace stamp duty represent a good deal for housing according to the country’s leading landlords organisation.
In its Bill to establish a new Land Transaction Tax from 2018 to replace Stamp Duty, published yesterday, Ministers in Wales have not copied plans by the UK Government for a 3 per cent levy on the purchase of homes to rent.
The Residential Landlords Association (RLA) Cymru has been campaigning to ensure that such a levy is not repeated in Wales. It has argued that such a policy would put off landlords investing in much needed new homes to rent, thereby reducing choice for tenants and increasing rents.
Commenting, 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.”
- The RLA represents 40,000 private sector residential landlords in England and Wales.
- Further information about the RLA in Wales can be found at http://www.rla.wales/ or by following it on twitter @RLAWales.
- The Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Bill can be accessed at http://www.senedd.assembly.wales/mgIssueHistoryHome.aspx?IId=15873.
- The Public Policy Institute for Wales’ report on the private rented sector for the Welsh Government can be accessed at http://ppiw.org.uk/ppiw-report-publication-the-potential-role-of-the-private-rented-sector-in-wales/. It noted:
“a significant proportion of future need and demand for housing will be met through the PRS, with implications for government subsidy.”
- For further information please contact the RLA’s policy consultant, Ed Jacobs on 0113 278 0211 (office), 07706386773 (out of office hours) or email email@example.com.