Latest Public Sector News

28.06.19

Welsh government raises £226m from new land tax

The Welsh government have raised £226m from a new ‘land transaction tax’ to replace stamp duty.

The new tax was introduced in April 2018 as allowed by a new devolution package giving Wales control of parts of their tax code.

Properties sold for over a certain amount must pay the new tax to the Welsh Revenue Authority; £180,000 for residential, £150,000 for non-residential land or buildings.

There were almost 62,000 transactions in the past financial year which raised a total of £226.9m.

Adam Al-Nuaimi, head of data and analysis for the WRA, said: “The interesting feature of this release is that we have local area data for the Land Transaction Tax for the first time.

“The variation in the data between local authorities can be readily seen in both residential and non-residential statistics.

“We have also been able to further develop the residential dataset to include figures at an Assembly constituency level and for areas of deprivation, as measured by the Welsh Index of Multiple Deprivation.

“In years to come, we hope to be able to provide similar data on non-residential transactions.”

Over a third of the residential transactions in Gwynedd, the county which includes much of Snowdonia National Park and Bangor University, were taxed at a higher rate.

Most of the transactions were for residential properties, with the average price of a home in Wales currently £160,000 and increasing each year.

Comments

There are no comments. Why not be the first?

Add your comment

 

related

public sector executive tv

more videos >

last word

The importance of openness after Grenfell

The importance of openness after Grenfell

Following the recent Grenfell Tower tragedy, Lord Porter, chairman of the LGA, argues that if the public are going to have faith in the safety testing process then everything must be out in the open more > more last word articles >

public sector focus

View all News

comment

Peter Kyle MP: It’s time to say thank you this Public Service Day

21/06/2019Peter Kyle MP: It’s time to say thank you this Public Service Day

Taking time to say thank you is one of the hidden pillars of a society. Bei... more >
How community-led initiatives can help save the housing shortage

19/06/2019How community-led initiatives can help save the housing shortage

Tom Chance, director at the National Community Land Trust Network, argues t... more >

interviews

Artificial intelligence: the devil is in the data

17/12/2018Artificial intelligence: the devil is in the data

It’s no secret that the public sector and its service providers need ... more >

the raven's daily blog

Northern Powerhouse Partner aims to connect the North once again

02/09/2019Northern Powerhouse Partner aims to connect the North once again

In February this year, official Northern Powerhouse Partner, Cognitive Publishing, delivered EvoNorth 2019.  The two day event was designed to amplify and highlight futur... more >
read more blog posts from 'the raven' >

editor's comment

25/10/2017Take a moment to celebrate

Devolution, restructuring and widespread service reform: from a journalist’s perspective, it’s never been a more exciting time to report on the public sector. That’s why I could not be more thrilled to be taking over the reins at PSE at this key juncture. There could not be a feature that more perfectly encapsulates this feeling of imminent change than the article James Palmer, mayor of Cambridgeshire and Peterborough, has penned for us on p28. In it, he highlights... read more >