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Land Transaction Tax
Land Transaction Tax (LTT) is a property tax in Wales. It replaced the Stamp Duty Land Tax from 1 April 2018. It became the first Welsh tax in almost 800 years. LTT is a tax applied to residential and commercial land and buildings transactions (including commercial purchases and commercial leases) where a chargeable interest is acquired. Under the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017, a land transaction must be notified to the Welsh Revenue Authority unless it falls within one of the exempt categories contained in the Act. The Welsh Revenue Authority administers and collects LTT with support from HM Land Registry. Overview LTT is usually paid by the solicitor on behalf of the buyer, within 30 days of completion as part of the administrative process to complete the conveyancing transaction, although final responsibility lies with the buyer. Submitting an LTT return and making arrangements to pay the LTT due is a prerequisite to applying ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property Tax
A property tax or millage rate is an ad valorem tax on the value of a property.In the OECD classification scheme, tax on property includes "taxes on immovable property or net wealth, taxes on the change of ownership of property through inheritance or gift and taxes on financial and capital transactions" (see: ), but this article only covers taxes on realty. The tax is levied by the governing authority of the jurisdiction in which the property is located. This can be a national government, a federated state, a county or geographical region or a municipality. Multiple jurisdictions may tax the same property. Often a property tax is levied on real estate. It may be imposed annually or at the time of a real estate transaction, such as in real estate transfer tax. This tax can be contrasted to a rent tax, which is based on rental income or imputed rent, and a land value tax, which is a levy on the value of land, excluding the value of buildings and other improvements. Under a p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minister For Finance (Wales)
The Minister for Finance is a member of the cabinet in the Welsh Government, responsible for the management of the budget, tax and borrowing, oversight of financial accounting and audit, and oversight of any Private Finance Initiative The private finance initiative (PFI) was a United Kingdom government procurement policy aimed at creating "public–private partnerships" (PPPs) where private firms are contracted to complete and manage public projects. Initially launched in 199 ..., amongst others. List of Ministers References {{Drakeford Cabinet Government of Wales ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2018 Establishments In Wales
Eighteen or 18 may refer to: * 18 (number), the natural number following 17 and preceding 19 * one of the years 18 BC, AD 18, 1918, 2018 Film, television and entertainment * ''18'' (film), a 1993 Taiwanese experimental film based on the short story ''God's Dice'' * ''Eighteen'' (film), a 2005 Canadian dramatic feature film * 18 (British Board of Film Classification), a film rating in the United Kingdom, also used in Ireland by the Irish Film Classification Office * 18 (''Dragon Ball''), a character in the ''Dragon Ball'' franchise * "Eighteen", a 2006 episode of the animated television series ''12 oz. Mouse'' Music Albums * ''18'' (Moby album), 2002 * ''18'' (Nana Kitade album), 2005 * '' 18...'', 2009 debut album by G.E.M. Songs * "18" (5 Seconds of Summer song), from their 2014 eponymous debut album * "18" (One Direction song), from their 2014 studio album ''Four'' * "18", by Anarbor from their 2013 studio album '' Burnout'' * "I'm Eighteen", by Alice Cooper commonly r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2018 Introductions
Eighteen or 18 may refer to: * 18 (number), the natural number following 17 and preceding 19 * one of the years 18 BC, AD 18, 1918, 2018 Film, television and entertainment * ''18'' (film), a 1993 Taiwanese experimental film based on the short story ''God's Dice'' * ''Eighteen'' (film), a 2005 Canadian dramatic feature film * 18 (British Board of Film Classification), a film rating in the United Kingdom, also used in Ireland by the Irish Film Classification Office * 18 (''Dragon Ball''), a character in the ''Dragon Ball'' franchise * "Eighteen", a 2006 episode of the animated television series ''12 oz. Mouse'' Music Albums * ''18'' (Moby album), 2002 * ''18'' (Nana Kitade album), 2005 * '' 18...'', 2009 debut album by G.E.M. Songs * "18" (5 Seconds of Summer song), from their 2014 eponymous debut album * "18" (One Direction song), from their 2014 studio album ''Four'' * "18", by Anarbor from their 2013 studio album '' Burnout'' * "I'm Eighteen", by Alice Cooper commonly r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property Taxes
A property tax or millage rate is an ad valorem tax on the value of a property.In the OECD classification scheme, tax on property includes "taxes on immovable property or net wealth, taxes on the change of ownership of property through inheritance or gift and taxes on financial and capital transactions" (see: ), but this article only covers taxes on realty. The tax is levied by the governing authority of the jurisdiction in which the property is located. This can be a national government, a federated state, a county or geographical region or a municipality. Multiple jurisdictions may tax the same property. Often a property tax is levied on real estate. It may be imposed annually or at the time of a real estate transaction, such as in real estate transfer tax. This tax can be contrasted to a rent tax, which is based on rental income or imputed rent, and a land value tax, which is a levy on the value of land, excluding the value of buildings and other improvements. Under a pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Housing In Wales
House prices increased in Wales during the Housing market crisis in the United Kingdom (2008). There has been political debate that this has contributed to a decline in the number of speakers of the Welsh language. Building Redrow plc is one of the largest Welsh housebuilders with a network of 14 operational divisions across the UK. JCB has a factory and shop in Wrexham which recently recruited 20 new workers. Property market Much of the rural Welsh property market was driven by buyers looking for second homes for use as holiday homes, or for retirement. Many buyers were drawn to Wales from England because of relatively inexpensive house prices in Wales as compared to house prices in England. The rise in home prices outpaced the average earnings income in Wales and meant that many local people could not afford to purchase their first home. In 2001 nearly a third of all properties in Gwynedd were bought by buyers from out of the county, and with some communities reporting ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In Wales
Taxation in Wales ( cy, Trethi yng Nghymru) typically comprises payments to one or more of the three different levels of government: the UK government ( Her Majesty's Revenue and Customs), the Welsh Government, and local government. In the fiscal year 2017–18, total Welsh government revenue was forecast to be £27.1 billion, or 38.3 per cent of GDP, with net VAT, income tax, and National Insurance contributions standing at £15.8 billion. The Welsh Government acquired the power to vary income tax on the 10% share it collects in 2019, however it has not opted to do so. History Taxation in Wales was not documented in the Cyfraith Hywel nor in the time after it. The Norman conquest of England brought some areas of Wales under the control of William the Conqueror, but the Domesday Book shows little success in establishing a framework for taxation for Wales. Although areas of Powys began to see land ownership recorded for future taxation, little of that county, let alone the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Senedd
The Senedd (; ), officially known as the Welsh Parliament in English and () in Welsh, is the devolved, unicameral legislature of Wales. A democratically elected body, it makes laws for Wales, agrees certain taxes and scrutinises the Welsh Government. It is a bilingual institution, with both Welsh and English being the official languages of its business. From its creation in May 1999 until May 2020, the Senedd was known as the National Assembly for Wales ( cy, Cynulliad Cenedlaethol Cymru, lang, link=no). The Senedd comprises 60 members who are known as Members of the Senedd (), abbreviated as "MS" (). Since 2011, members are elected for a five-year term of office under an additional member system, in which 40 MSs represent smaller geographical divisions known as "constituencies" and are elected by first-past-the-post voting, and 20 MSs represent five "electoral regions" using the D'Hondt method of proportional representation. Typically, the largest party in the Senedd forms ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mark Drakeford
Mark Drakeford (born 19 September 1954) is a Welsh politician serving as First Minister of Wales and Leader of Welsh Labour since 2018. He previously served in the Welsh Government as Cabinet Secretary for Finance from 2016 to 2018 and Minister for Health and Social Services from 2013 to 2016. Drakeford was first elected as the Member of the Senedd (MS) for Cardiff West in 2011. Drakeford was born in Carmarthen in West Wales. He studied Latin at the University of Kent and the University of Exeter. He was a lecturer at the University College of Swansea from 1991 to 1995 and at the Cardiff University from 1995 to 1999. He was a Professor of Social Policy and Applied Social Sciences at Cardiff University from 2003 to 2013. Drakeford was elected at the 2011 National Assembly for Wales election for Cardiff West. In 2013, First Minister Carwyn Jones appointed Drakeford to the Welsh Government as Minister for Health and Social Services. He served as Cabinet Secretary for Finance ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Rate
In a tax system, the tax rate is the ratio (usually expressed as a percentage) at which a business or person is taxed. There are several methods used to present a tax rate: statutory, average, marginal, and effective. These rates can also be presented using different definitions applied to a tax base: inclusive and exclusive. Statutory A statutory tax rate is the legally imposed rate. An income tax could have multiple statutory rates for different income levels, where a sales tax may have a flat statutory rate. The statutory tax rate is expressed as a percentage and will always be higher than the effective tax rate. Average An average tax rate is the ratio of the total amount of taxes paid to the total tax base (taxable income or spending), expressed as a percentage. * Let t be the total tax liability. * Let i be the total tax base. ::= \frac. In a proportional tax, the tax rate is fixed and the average tax rate equals this tax rate. In case of tax brackets, commonly used ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stamp Duty In The United Kingdom
Stamp duty in the United Kingdom is a form of tax charged on legal instruments (written documents), and historically required a physical stamp to be attached to or impressed upon the document in question. The more modern versions of the tax no longer require a physical stamp. History of UK stamp duties Stamp duty was first introduced in England on 28 June 1694, during the reign of William III and Mary II, under "An act for granting to their Majesties several duties upon vellum, parchment and paper, for four years, towards carrying on the war against France". Dagnall, H. (1994) ''Creating a Good Impression: three hundred years of The Stamp Office and stamp duties.'' London: HMSO, p. 3. In the 1702/03 financial year 3,932,933 stamps were embossed in England for a total value of £91,206.10s.4d. Stamp duty was so successful that it continues to this day through a series of Stamp Acts. Similar duties have been levied in the Netherlands, France and elsewhere. During the 18th a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
