What is Insurance?

Our insurance scheme means you paid to join mydeposits
and also pay a protection fee that lets you hold the deposit
in your bank account.

If this is how you protect deposits login here

Member LOGIN

What is Custodial?

Our custodial scheme means that you joined mydeposits
for free and transfer the deposit money to us to hold.

If this is how you protect your deposits, then use:

Landlord login or Business login

Landlord LOGIN Business LOGIN

Get all the latest news to your inbox

Get all the latest news to your inbox

December 22

by mydeposits
Tax changes set to impact home buying in Wales

Tax changes are set to shake things up for those buying homes in Wales next year as announced by Finance Secretary Mark Drakeford.

The Welsh Government have announced that tax changes set to come in in April 2018 will mean that those buying a home in Wales for less than £180,000 will not have to pay any tax. This change is set to replace current stamp duty and the starting threshold for land transactional tax is set to increase from the current £150,000 to £180, 000. Under this change, the Welsh Government states “no one will pay more tax under the changes announced today compared to the land transaction tax rates which were announced at the time of the draft Budget in October”.


How will this influence first-time buyers?

The Welsh Government announced that this change means “around 80% of first-time buyers in Wales will pay no tax – the same proportion which will benefit from the Chancellor’s first time buyer stamp duty land tax relief in England”.


How will this influence the “average homebuyer”?

These changes also mean that the average homebuyer in Wales will pay more than £500 less tax than under stamp duty land tax with “around 90% of homebuyers in Wales will either paying the same or less tax than under stamp duty land tax”.

These changes could, therefore, encourage greater buy-to-let investors in the region.

You can find out more information on these coming changes on the Welsh Government website here.

This website uses cookies to ensure you get the best experience More info