In light of the new land transaction tax (LTT) which replaced UK stamp duty land tax (SDLT) in Wales on 1st April, the authors of LAWFUSION, the popular legal practice management system for law firms, have updated their conveyancing software.
Like SDLT, LTT is payable when you buy or lease a building or land over a certain price. According to the Law Society Gazette, the legislation is broadly consistent with SDLT, preserving the underlying structure and mirroring key elements such as partnerships, trusts and reliefs.
The Welsh government has announced new rates and bands for both residential and commercial property transactions. The rates are ‘progressive’, which means that buyers of lower-value properties will pay less LTT compared with SDLT, while the buyers of more expensive properties will pay, in some cases, more LTT than SDLT.
Select Legal Systems has updated its LAWFUSION conveyancing workflows to include the new Welsh Land Transaction Tax look-ups. This means LAWFUSION users have no need to go to the online LTT calculator, as their case management software will use existing case information to look up, calculate and populate answers in the relevant fields for users, without them having to leave their case screens.
LAWFUSION, from Select Legal Systems, provides fully integrated software modules for all areas of a legal practice, including: legal accounts and time recording software, legal case management software and marketing and CRM software and much more – all designed specifically for law firms. There is a large library of proven workflow case management charts including several for conveyancers. LAWFUSION’s legal case management software for conveyancers is designed to help streamline processes and increase capacity for handling larger volumes of work, and covers residential conveyancing for sale, purchase, remortgage and plot sale, and for commercial property cases they offer sale, purchase and Leases / CPSE.
For more information about the LAWFUSION conveyancing modules or any other aspect of LAWFUSION, please call 01482 567601 during office hours – or alternatively online here via Select’s online enquiry form any time of the day or night.