THE WELSH REVENUE AUTHORITY (WRA) is encouraging law and conveyancing firms carrying out residential and non-residential property transactions in Wales from April 1 to register for its new online tax system.
The appeal comes during the WRA’s first week of registering organisations for land transaction tax, which will replace stamp duty land tax in Wales from April 1. The WRA was set up by the Welsh Government last October to collect and manage devolved taxes.
Conveyancers and solicitors representing people buying and leasing property and land in Wales will need to register on the WRA website before filing a tax return. The WRA is encouraging businesses to sign-up at least 10 days in advance of the first transaction.
On the first day of registration, around 100 firms registered on the WRA website and a helpdesk team was set up to answer any queries. The WRA is also continuing to host events across Wales in March to offer additional support with registration.
Dyfed Alsop, Chief Executive for the WRA, said: “Opening registration for land transaction tax is a major milestone for the WRA, as we take a step closer towards raising important revenue that will support public services in Wales.
“Making sure the transition to the new taxes goes as smoothly as possible for everyone is a priority for us. That’s why we’re appealing to solicitors and conveyancers to register their organisations on the new tax system in advance of the April 1.”
The WRA has been working with representative bodies, including The Law Society and the Chartered Institute of Taxation, to prepare professionals for land transaction tax since last October.
Kay Powell, Wales Policy Adviser for The Law Society, said: “Our members have played a key role in the design and development of the system and their insights and comments have been invaluable at every stage in the process. Our aim has been to ensure the seamless introduction of the Land Transaction Tax.”
The WRA will also administer landfill disposals tax replacing landfill tax. The WRA has already registered more than half of the landfill site operators in Wales, following the opening of registration at the end of January.
WRA ADVICE FOR THE PUBLIC:
For residential/ non-residential property transactions in Wales from April 1, 2018:
- Check that your solicitor or conveyancer is registered on the new WRA tax system. You do not need to register for an account.
- You can look at the new tax calculator on the WRA website to check how much tax you will need to pay.
- You can find out more about the Welsh rates and bands via the Welsh Government website.
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