tmconvey UPDATE: Land Transaction Tax (LTT) coming 1st April 2018

From 1st April 2018, Land Transaction Tax (LTT) will be replacing Stamp Duty Land Tax (SDLT) in Wales. 

Land Transaction Tax (LTT) submission COMING SOON to tmconvey

To ensure everything is up and running for 1st April 2018, the Welsh Government have chosen to focus their resources on delivering their new direct system for general customer registration. 

Therefore, they will not be in a position to offer system integration with any third parties (including tmconvey) from 1st April 2018. 

However, we’re pleased to say we’re part of a select group of providers working closely with the new Welsh Revenue Authority and actively engaging in a number of workshops with them, as they develop their integration capabilities. 

This means we’ll be one of the first to be able to offer Land Transaction Tax (LTT) integration– and look forward to updating you as and when Land Transaction Tax (LTT) submission is available on tmconvey.

LTT submission will initially only be available through the new Welsh Revenue Authority

As Land Transaction Tax (LTT) submission will initially only be available through the new Welsh Revenue Authority, established to collect and manage Welsh taxes, you won’t be able to electronically submit your tax forms for properties in Wales through any third parties (including tmconvey) until further notice.

However, in the meantime, we’re making some changes to tmconvey to help you through this transition period; 

Instead, when you enter a Welsh postcode into tmconvey, you’ll be alerted that you’ll need to process a LTT submission – instead of an SDLT submission – and be advised to complete your submission directly through the new Welsh Revenue Authority

(You’ll also notice a new field on the tmconvey case dashboard, asking you to state which country the property is in.)

Have you registered with the Welsh Revenue Authority yet?

If you haven’t already registered with the new Welsh Revenue Authority to pay Land Transaction Tax (LTT), please visit this website and complete the registration process as soon as possible. 

At the moment, our SDLT calculator will not reflect the new Land Transaction Tax (LTT) price bandings

Please note, the new Land Transaction Tax (LTT) price bandings are not the same as the current Stamp Duty Land Tax (SDLT) bandings – and our SDLT calculator on tmconvey should not be used to perform these calculations for the time being. 

For more information about Land Transaction Tax (LTT) and the changes coming into effect on 1st April 2018, you can visit the new Welsh Revenue Authority’s website here

If you have any questions, please contact your Account Manager, or our Helpdesk team on 0844 249 9200 or email helpdesk@tmgroup.co.uk

IMPORTANT: 

• From 1st April 2018, you will not be able to electronically submit your Land Transaction Tax (LTT) forms for properties in Wales through any third parties (including tmconvey) until further notice. 

• SDLT submission for English properties will continue as normal on tmconvey. 

• Please make sure you have registered with the new Welsh Revenue Authority, so you will be able to pay Land Transaction Tax (LTT) for Welsh properties.