Debate set in Senedd on ending Wales’ Stamp Duty
A Senedd debate will be held next week after the Welsh Conservatives called for the abolition of Wales’ Land Transaction Tax on primary residences.
The proposal follows UK Conservative leader Kemi Badenoch’s announcement that a future Conservative Government would abolish stamp duty for homebuyers in England. The Welsh Conservatives say they would do the same in Wales by removing the equivalent levy.
Land Transaction Tax, which replaced Stamp Duty in Wales in 2018, raises around £147 million annually. The party has previously urged the Welsh Government to use unallocated funds in its budget to offset the cost of removing the charge for those buying their main homes.
Welsh Conservative Shadow Cabinet Secretary for Local Government and Housing, Joel James MS, said:
“The Welsh Labour Government, with the support of Plaid Cymru, has made home ownership more and more difficult and unaffordable for young people, and downsizing a great challenge for older people.
“The aspiration-sapping Welsh Stamp Duty must be scrapped to get our housing market and economy moving, and to give people the dignity of owning their own home.”
Also commenting, Welsh Conservative Shadow Finance Secretary, Sam Rowlands MS, said:
“Land Transaction Tax is yet another tax from Labour and Plaid that is putting home ownership out of reach for far too many young people and Land Transaction Tax stands in the way of mobility in our housing market.
“That’s why a Welsh Conservative Government will scrap this tax and put more money in people’s pockets.”
The motion, which will be debated in the Senedd on Wednesday, calls on the Welsh Government “to support Welsh Conservative calls to scrap Land Transaction Tax for primary residences in Wales.”
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