We are still waiting for the Welsh Revenue Authority (WRA) to come back to us with definitive information on how the process will work. However, as we understand it, unlike SDLT there will be no means of electronically submitting the return through CASA so the relevant details will have to be rekeyed onto the WRA website. The LTT tax bands were announced last year and we understand that First Time Buyer relief will not be applicable but that the additional property tax will be. There has also not been a final decision on properties where part of the land falls in Wales and Part in England at the moment the suggestion is that the tax is apportioned in accordance with the amount of the property and land residing in each country, presumable an independent surveyor would need to establish this.
Our plan in CASA is to automatically distinguish between properties in England and in Wales and to apply the relevant rules to LTT and SDLT this calculation will be done both in the estimate and matter as at present automatically. However, as we have no means of telling where land falls into the two countries, where LTT and SDLT has been entered manually we will not automatically update the figures, as at present. We have been trying to get firm information for many months from the WTA and can only proceed for the moment on what we know. We therefore plan to have our version available by the end of February beginning of March assuming that there are no “surprises” sprung on us by the WTA.
We have updated our SDLT appointment document to include details of the LTT bands etc and can be obtained by contacting support on firstname.lastname@example.org or by calling 01483 419025 option 1.