Welsh government considering future of multiple dwellings relief
In last month’s Spring Budget, the UK government scrapped multiple dwellings relief. Now, the Welsh government is considering a similar move. What’s the full story?
The Budget announcement that multiple dwellings relief (MDR) would be abolished only applies to stamp duty land tax, i.e. to property transactions in England or Northern Ireland. Scotland and Wales have their own devolved systems, though these operate in a very similar way. The Welsh government has published a consultation inviting views on scrapping the multiple dwellings relief applicable to land transaction tax (LTT).
The consultation is also seeking views on the following:
- the abolition of the relief provided on the purchase of six or more dwellings in a single transaction, alongside the abolition of LTT MDR
- the potential review or amendment of other LTT reliefs; and
- the possible impact on the Welsh language.
Any responses should be returned by 19 May 2024.
Related Topics
-
Could HMRC recategorise your subcontractors?
You use subcontractors for all your building projects and almost always the same individuals. You’ve heard that this could increase the risk of HMRC recategorising them as employees. What steps can you take to counter this?
-
Tribunal rejects reliance on adviser as reasonable excuse
A recent First-tier Tribunal decision has confirmed that relying on an accountant does not automatically amount to a reasonable excuse for missing a self-assessment deadline. The case highlights the limits of delegating tax responsibilities. What does this mean in practice?
-
HMRC issues new wave of offshore “nudge” letters
HMRC has issued a further round of “nudge” letters targeting individuals it believes may have undeclared offshore income or gains. The letters form part of HMRC’s ongoing use of data from international information exchange agreements. What should you do if you receive one?