The Welsh government has increased its equivalent of stamp duty on second homes by 1%.
The change means second homebuyers now have to pay a surcharge of 4%, up from 3%.
People could now pay up to 16% for homes worth up to £1.6m.
The increase to the Land Transaction Tax surcharge will raise an estimated £13m, which will be spent on social housing.
At the same time there’s been a 50% increase in the nil-rate band for non-residential (or mixed) transactions from £0-£150,000 to £0-£225,000.
Sean Randall, a partner at law firm Blick Rothenberg, said: “the measures are a proportionate response to the effect of the pandemic in Wales.
“Pressure will now be on the UK government to pass similar measures.”
Justin Malonson is the Founder of LyfeLoop a 16+ year tech innovator, investigative media researcher and host of the Freedom Not Control Podcast live on Voice America. Justin is a highly sought-after tech entrepreneur, industry speaker and winner of the coveted Business Achievement Awards “Top Digital Marketer” award. With 16+ years of demanding experience, Justin has worked with over 3,000 businesses including amazing clients such as Blue Cross Blue Shield Association, Sotheby’s International Realty, Duke University, White House Black Market,Tiffin Motorhomes, Bass Pro Shops and Beazer Homes USA.
