Solicitors Qualifying Examination (SQE) 2025 – 400 Free Practice Questions to Pass the Exam

In the context of the Land Transaction Tax (LTT) in Wales, first-time buyers can benefit from specific reliefs, so the assertion that there is no relief at all for first-time buyers is not accurate.

The correct understanding is that full relief is available for first-time buyers, up to a certain threshold. This means that if a first-time buyer purchases a residential property priced below this threshold, they do not have to pay any LTT. For properties purchased above this threshold, first-time buyers are still liable for LTT but at slightly reduced rates compared to non-first-time buyers.

The options that mention relief only for properties over a certain value or for newly built properties do not accurately reflect the general framework. While additional reliefs may exist for certain circumstances, they do not negate the broader scope of relief available to first-time buyers. Overall, the presence of structured reliefs for first-time buyers contradicts the notion presented in the answer option chosen, which leads to a misunderstanding of the current tax structure.