I'm looking to buy a second home in Wales for £350,000. Using the calculator, what is the estimated Land Transaction Tax (LTT) I would need to pay for this purchase? Please provide the exact calculated amount.
Navigate to 'stampdutycalculator.org.uk'. Click on the 'LTT Calculator Wales' dropdown. Select the 'LTT for Second Homes' link. Locate the tax band for a £350,000 purchase price in the 'What are the LTT rates for additional property?' table. Identify the corresponding LTT rate for that band. Calculate the LTT amount based on the purchase price and the identified rate. State the calculated LTT amount.
Successfully navigate to the 'LTT for Second Homes' page for Wales. Correctly identify that a £350,000 second home in Wales falls into the '£250k to £400k' tax band. Correctly identify the LTT rate for this band as 10%. State the calculated LTT amount as £35,000.