Stamp duty reforms open to debate

Tax on property sales could be changed again as a consultation is launched on the future for stamp duty in Wales.

Chancellor George Osborne changed the system in December to ensure taxes rose more gradually rather than jumping at each higher property price band.

Stamp duty raises around £230m in Wales and will be the first tax to be entirely devolved in 2018.

It is currently levied on property sold for more than £125,000 but the Welsh Tories have pledged to raise the limit.

In February 2014 they said they would scrap stamp duty for all properties sold for less than £250,000, if they won the 2016 assembly election.

Tax powers

In Scotland - where a property tax replaces stamp duty in April - the threshold will be raised to £145,000.

Consultation begins on Tuesday and is open for 12 weeks.

Another consultation - on landfill tax - will follow at the end of February.

The taxes are among the powers being devolved under the Wales Act, in response to the findings of the Silk Commission.

Stamp duty reforms open to debate

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