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A woman bought a house in Wales for £300,000 five years ago. She has carried out extensive renovation and refurbishment works to it.
Contracts for the sale of the house to a buyer have been exchanged. The sale price is £450,000.
The buyer’s solicitor is preparing for completion. He is currently drafting a financial statement for his client and needs to include the tax payable upon completion of the purchase.
Which tax will be payable by the buyer upon completion of the purchase?
A. Stamp Duty.
B. Land Transaction Tax.
C. Capital Gains Tax.
D. Stamp Duty Land Tax.
E. Value Added Tax.
B - Land Transaction Tax.
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Find out what happens after passing the SQE and admission to the roll of solicitors.