NDM6719 - Welsh Conservatives debate

NDM6719 Paul Davies (Preseli Pembrokeshire)

To propose that the National Assembly for Wales:

1. Notes that the new six per cent rate of land transaction tax (LTT) on commercial land transactions above £1 million is significantly higher than the equivalent rates for such transactions in England (five per cent) and Scotland (4.5 per cent).

2. Notes the Welsh Government’s completion on its circa £12 million purchase of the Cardiff bus station site on 29 March 2018, thus avoiding its own LTT regime by three days and ensuring the transaction took place under the UK Government’s stamp duty land tax.

3. Calls on the Welsh Government, in light of sector representation, to reconsider the new six per cent LTT rate on commercial land transactions above £1 million which will have a detrimental impact on economic development in Wales.