Welsh government considering future of multiple dwellings relief
In last month’s Spring Budget, the UK government scrapped multiple dwellings relief. Now, the Welsh government is considering a similar move. What’s the full story?
The Budget announcement that multiple dwellings relief (MDR) would be abolished only applies to stamp duty land tax, i.e. to property transactions in England or Northern Ireland. Scotland and Wales have their own devolved systems, though these operate in a very similar way. The Welsh government has published a consultation inviting views on scrapping the multiple dwellings relief applicable to land transaction tax (LTT).
The consultation is also seeking views on the following:
- the abolition of the relief provided on the purchase of six or more dwellings in a single transaction, alongside the abolition of LTT MDR
- the potential review or amendment of other LTT reliefs; and
- the possible impact on the Welsh language.
Any responses should be returned by 19 May 2024.
Related Topics
-
New interactive tool for transition period profit reporting published
If you are a sole trader, or a partner, reporting your profits could be more complicated this year due to the basis period reform. How can a new online tool help?
-
Were capital losses deductible for income tax?
The First-tier Tribunal (FTT) recently considered if an individual was entitled to tax relief for losses when a company he invested in went bust. It ought to have been simple but a refinancing deal complicated matters. What did the FTT decide?
-
Rogue refunds of Class 2 NI due to HMRC failure
HMRC has incorrectly refunded Class 2 NI to some self-employed taxpayers. What should you do if you get an unexpected payment?