15. The Land Transaction Tax (Temporary Variation of Rates and Bands for Residential Property Transactions) (Wales) (Amendment) Regulations 2021

Part of the debate – in the Senedd at 7:08 pm on 23 March 2021.

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Photo of Mark Reckless Mark Reckless Conservative 7:08, 23 March 2021

I thank the Minister for her statement. We regret that these lower rates of LTT can't carry over until 30 September, because, if they were to, we would have a three-month period where we had a threshold of up to £250,000 that was, again, the same in England and Wales, which of course we would wish to have. However, I would like to thank the Minister for doing the extension at all, because I had in my postbag a number of concerns to a greater, or sometimes a very great, degree that they feared missing out on the 30 March because of solicitors or otherwise not being able to get through transactions as they expected. I saw today from the HMRC data for February, which I assume just relates to the SDLT for England and Northern Ireland, that there was about a 50 per cent year-on-year increase. So, I hope the Minister is getting in a good amount of land transaction tax revenue from people who are rushing to meet the deadline and perhaps now more still having extended it. So, while I regret that it's not being extended further to match the UK rate for England and Northern Ireland over that third quarter of the calendar year period, I nonetheless thank her for making the extension that she has, which, for a lot of individuals who feared missing out through no fault of their own, was well received. Thank you.