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The Welsh government has extended the temporary increase to the nil rate band of land transaction tax for residential property transactions to 30 June 2021.
So the nil band for transactions before 1 July 2021 will be for up to and including £250,000. For transactions completing on or after 1 July 2021, the £250,000 threshold will revert to £180,000. There will be no transitional rules. A transaction will need to complete before 1 July 2021 to use the temporary increase to the nil rate band.
Sean Randall, a partner at Blick Rothenberg, said: ‘The 1 July 2021 will become the new cliff edge. The Welsh stamp duty holiday is worth up to £2,450. Pressure will now be on the Scottish ministers to extend their stamp duty holiday, also capped at £250,000 and worth up to £2,100, which is due to end on 31 March 2021.’
