What does the land transaction tax holiday mean?
This means that the threshold for when you start paying Land Transaction Tax on a house purchase in Wales will increase from £180,000 to £250,000. This is a temporary measure from 27th July 2020 until 30th June 2021.
Under these changes...
More than three quarters of homebuyers will pay no tax at all, an increase of 20% under the usual Land Transaction Tax measures. The change applies to both first time buyers and those moving on from an existing home alike, but it does not apply to the purchase of additional properties such as buy to lets or second homes.