Effect of the Land Transaction Tax Rate

Part of 1. Questions to the Cabinet Secretary for Finance – in the Senedd at 2:10 pm on 10 October 2018.

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Photo of Mark Drakeford Mark Drakeford Labour 2:10, 10 October 2018

From the man who offers me one quarter—from the man who offers me one quarter's worth of figures. So—[Interruption.] Yes, but what he would like to do, he would like to take one quarter and then tell me that the rest of the world is falling about our ears. I offer him one transaction from the succeeding quarter, which is the single greatest sum ever paid for a commercial building here in Wales, and where the buyer's agent said:

'The fast moving Cardiff office market has meant quality office investment stock like Capital Tower is so hard to buy.'

It does not sound to me to be the views of people put off from investing in Wales. Dirprwy Lywydd, if there were to be anything that would have an impact on commercial property in Wales, it's not 1 per cent added to a tax, it's his plans for a hard-line Brexit that will bring property prices in commercial and residential property crashing around our ears.