11 December 2024 Land Transaction Tax update

On 10 December 2024, the Welsh Government announced changes to the higher residential rates of Land Transaction Tax (LTT). The new rates apply from 11 December 2024.

These rates do not apply where contracts were exchanged before this date.

Changes in Smokeball

Smokeball Land Transaction Tax calculations have already been updated with the new rates.

  • If your matter has a Completion Date on or before 10/12/2024 then the old LTT rates will be used.
  • If your matter has a Completion Date on or after 11/12/2024 then the new LTT rates will be used.
  • For 'transitional' matters; If your matter has an Exchange Date on or before 10/12/2024, even if the Completion Date is after 11/12/2024, the old LTT rates will be used.
  • If your matter has no Exchange or Completion Date entered then it will use the new LTT rates, so please make sure your key dates have all been entered correctly!

Remember that you can always override the Smokeball stamp duty calculation if you find a scenario that does not calculate as required. The override figure that you type into Stamp Duty Payable will be the amount that populates in your Completion Statement and other automated documents, and will be the figure used in all Completion calculations.

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