The Nil Rate Band of Land Transaction Tax

Part of 1. Questions to the Minister for Finance and Trefnydd – in the Senedd at 1:54 pm on 17 March 2021.

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Photo of Rebecca Evans Rebecca Evans Labour 1:54, 17 March 2021

Well, we have a different housing market here in Wales, and we've shown that, actually, in terms of transactions and revenues from land transaction tax, the market is much more buoyant here than it is across the border. The increase in the zero-rate band for those paying the main residential rates to £250,000 from £180,000 will, as I say, come to an end in July. But, even then, we will still have the most generous and progressive form of support for house buyers, which isn't, of course, limited to first-time house buyers here in Wales either. We took those decisions because the housing market is different here in Wales, and we've reflected that within the decisions that we've taken. House prices in England are very different, so that means, on average, the benefit can be up to, or increasing up to or above £12,000, whereas here the maximum is £2,500. So, I think that the kind of scale of the challenge in terms of house prices is very different.