Following the Conservative Leader, Kemi Badenoch’s announcement that a future Conservative Government would abolish stamp duty for homebuyers in England, the Welsh Conservatives have confirmed that we would abolish Land Transaction Tax (LTT) for primary residences, the equivalent tax in Wales.
LTT raises around £147 million per year for ‘main rate residential’ properties – primary residences.
The Welsh Conservatives support using a portion of the unallocated funding, worth at least £400 million, announced by the Finance Minister as part of next year’s budget, to cover the cost of abolishing the tax for Welsh primary residences.
Commenting, the Leader of the Welsh Conservatives, Darren Millar MS said:
The aspiration-sapping Welsh Stamp Duty must be scrapped to get our housing market and economy moving, and to give people the dignity of owning their own home.
I want Wales to be a home owning democracy where everyone has a stake in their local community, and more money in their own pockets.
The Welsh Labour Government, with the support of Plaid Cymru, has made home ownership more and more difficult and unaffordable for young people, and downsizing a great challenge for older people.
Our housing market in Wales is broken; this is part of our plan to fix it.
Welsh Conservative Shadow Cabinet Secretary for Local Government and Housing, Joel James MS added:
Home ownership is out of reach for far too many young people and Land Transaction Tax stands in the way of mobility in our housing market.
It must be abolished and we will abolish it.
ENDS
