The taxation of UK property purchasers is becoming increasingly complex as the devolved nations levy their own taxes and set their own rates. Subject to transitional provisions, Welsh Land Transaction Tax (LTT) will replace Stamp Duty Land Tax (SDLT) on purchases of land and property in Wales completed after 1 April 2018.

Like SDLT, which continues to apply in England and Northern Ireland, the tax will be based on a marginal rate system for both residential and non-residential property, but the bands and rates are different. SDLT has already been replaced in Scotland by Scottish Land and Buildings Transaction Tax (LBTT) which also has its own rates and bands.