Land Transaction Tax

Part of 2. Questions to the Minister for Finance and Trefnydd – in the Senedd at 3:16 pm on 23 September 2020.

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Photo of Nick Ramsay Nick Ramsay Conservative 3:16, 23 September 2020

Thank you, Minister. The drop in land transaction tax revenue by 47 per cent, I think you said, is indeed worrying but understandable during the lockdown, due to the massive slowdown in the housing market. Getting revenues up depends on getting the market moving, I'm sure you're aware of that. Whilst I welcome your introduction of a stamp duty holiday, I have questioned the threshold of £250,000 that has been introduced. Now, whilst I understand that house prices across Wales are, on average, considerably lower than across the border, certainly compared with the south-east of England, there are nonetheless houses much higher in value than that near the Wales-England border. Will you keep the stamp duty holiday under review, so that if the housing market near the border isn't seen to be picking up as fast as the other side of the border, where there is that holiday of up to £500,000, then action can be taken? Because I'm sure you'd agree with me that it's important that land transaction tax rates in Wales are stabilised and that there isn't too much of a distortion in border areas, where a large proportion of the Welsh population live and where revenue is raised.