I am considering buying a second home in Wales for £350,000. On stampdutycalculator.org.uk, what is the Land Transaction Tax (LTT) rate that applies to this purchase, and what would be the total estimated LTT I would need to pay based on that rate?
Navigate to 'stampdutycalculator.org.uk'. Click on the 'LTT Calculator Wales' dropdown. Select the 'LTT for Second Homes' link. Locate the 'What are the LTT rates for additional property?' table. Identify the tax band that includes a £350,000 purchase price. Note the corresponding LTT rate for that band. Calculate the total LTT amount based on the £350,000 purchase price and the identified rate. State the applicable LTT rate and 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 applicable LTT rate as 10%. State the calculated LTT amount as £35,000.