Like SDLT, LTT will be payable when you buy or lease a building or land over a certain price. It may affect house buyers and sellers and businesses including builders, property developers and agents involved in the transaction process (such as solicitors and conveyancers).
The legislation is broadly consistent with SDLT, preserving the underlying structure and mirroring key elements such as partnerships, trusts and reliefs, to provide stability and reassurance to businesses and the property market.
The Welsh Revenue Authority (WRA) do not presently have any ability to integrate with 3rd party providers in order to allow electronic submissions, such as those which Redbrick clients currently benefit from with SDLT submissions.
However, Redbrick Solutions have created custom fields within their easy to use conveyancing case management solution, to enable clients to automatically calculate LTT and populate that data into the required bills and forms. These changes were made available to all clients ahead of the rule changes on the 1st April.
Martin MacDuff, managing director of Redbrick Solutions commented “It is important to us that our clients always have access to the best in technology to assist them in handling their matters in the most efficient and cost effective way possible. Although disappointing that the WRA do not presently have an integration pathway, I am delighted that we have been able to respond quickly to put in place a solution for our clients.”
Redbrick Solutions unique business model means that client firms always have access to new versions and latest updates at no cost, keeping them ahead of the competition and future proofing the firm.