Using the Land Transaction Tax (LTT) information for Wales, determine the LTT payable for purchasing a second home or additional dwelling at a price of £350,000. Assume the transaction occurs after December 11th, 2024. State the calculated LTT amount.
Navigate to 'stampdutycalculator.org.uk'. Click on the 'LTT Calculator Wales' link. Click on the 'LTT Second Homes' link to view specific rates for additional properties. Identify the tax band for £350,000 and its corresponding LTT rate. Calculate the LTT amount based on the identified rate and the purchase price of £350,000.
The agent successfully navigates to the 'LTT Second Homes' section for Wales. The agent correctly identifies the LTT rate for a £350,000 second home or additional dwelling. The agent states the calculated LTT amount of £35,000.