Breakdown
How it works
Main rates: 0% to £225,000, 6% to £400,000, 7.5% to £750,000, 10% to £1.5m, 12% above. Higher rates for second homes and buy-to-lets add 5 percentage points to every band and start from the first pound.
Formula
LTT = Σ band slices × rates
Worked example
£300,000 main residence: 6% × 75,000 = £4,500. As a second home: 5% × 180,000 + 8.5% × 70,000 + 10% × 50,000 = £19,950.
Frequently asked questions
Why is there no first-time buyer relief in Wales?
The Welsh Government set a higher universal nil-rate band (£225,000) instead, which covers most first-time purchases.
Who collects LTT?
The Welsh Revenue Authority; returns are due within 30 days.
Can I reclaim higher rates?
Yes, if you sell your previous main residence within 3 years of buying the new one.