On the 27 February 2018, Cardiff and District Law Society was proud to host our very successful and over subscribed Property Seminar and Networking Event on the imminent Welsh Land Transaction Tax.
From 1 April 2018, the Land Transaction Tax (‘LTT’) will replace the existing Stamp Duty Land Tax (‘SDLT’) regime in Wales (may it be noted that SDLT will continue to apply in England). The LTT regime, introduced by the Welsh Government and managed by the Welsh Revenue Authority, will apply to the acquisition of Welsh property and land above the stipulated threshold with the rate of LTT payable being determined, as with SDLT, by graded bands giving rise to a higher LTT liability where greater consideration/price paid.
We were delighted to welcome speakers Sam Cairns (Head of Operational Delivery at Welsh Revenue Authority), Leighton Reed (Tax Director of MHA Broomfield Alexander) and Antoinette Jeremiah (Land Registry). Sam, Leighton and Antoinette each delivered informative and insightful presentations about the implications and practicalities of the forthcoming Tax regime to their individual sectors. They presented to an audience of over 100 Cardiff property professionals, including both Society members and non-members, prior to joining an interactive Question & Answer Panel session with our audience to conclude the afternoon event.
Sam Cairns explored the application of technical aspects of the regime, providing guidance on leases, exemptions, reliefs and the contentious cross-border properties. He was however, keen to provide reassurance that the ethos of the Welsh Revenue Authority, in light of the upcoming devolution, was to supply an efficient, fair and accurate tax system offering bilingual support to both professionals and members of the public during the transitional process and beyond for benefit of Wales.
Leighton Reed reminded us how the upcoming LTT is affecting not only the legal but also the accounting sector and gave a comparative overview of tax rules and planning which in today’s property landscape is becoming increasingly significant.
At a time where the Welsh Government is introducing its first tax in almost 800 years, Antoinette Jeremiah of Land Registry concluded our three presentations by celebrating the changing landscape in which we live and work. She toured through new facilities that the Land Registry have researched and implemented to assist practitioners, particularly in respect of properties lying across the Welsh/English border, and identified the key matters which Land Registry concern themselves with as regards payment of tax vis a via applications submitted.
We are delighted by the success of our event, emanated from its popularity in those familiar faces in attendance on the day and subsequent feedback received.
A special thank you to our sponsors, Legalinx 7Side and to our speakers Sam Cairns, Leighton Reed and Antoinette Jeremiah for sparing their time to guide us through the Land Transaction Tax and familiarise us with the forthcoming changes in Wales.
Who said tax needed to be taxing!!
Many thanks to our Annual Sponsors & Event Sponsor:
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Michael Walters - Administrator
Cardiff & District Law Society
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Steve Roberts - Membership Secretary
Cardiff & District Law Society
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