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Welsh Assembly Seeks Guidance On Land Transaction Tax

27 December 2016

A Welsh parliamentary committee has called for clear guidance on how land transaction tax, which will replace UK stamp duty in Wales, will work.

Wales is introducing land transaction tax separate from the UK, as part of an agreement with the UK on tax devolution.

In agreeing with the general principles of the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Bill, the Welsh Finance Committee recommended that the Welsh Revenue Authority (WRA), a new organization established to collect devolved taxes, should work closely with professional bodies from the outset to establish guidance, including for properties on the border with England.

Simon Thomas, the Chair of the Finance Committee, said: "We want to see assurances that the Welsh Revenue Authority, which will be responsible for collecting taxes raised, will be ready to collect taxes and offer advice from day one. We also believe that the issue of cross-border properties should be cleared up as a matter of urgency as we heard a confusing explanation of what property buyers would owe and to whom."

TAGS: Finance | tax | property tax | United Kingdom | stamp duty

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