New Vacant Land Tax Proposed by Welsh Government
The Welsh Government’s Finance Secretary, Mark Drakeford, has recently proposed a punitive tax on vacant land which is not used for building.
There are few details currently available, but it appears that this tax is intended to target vacant development land held by developers or those who speculatively accumulate plots. However there is a risk that in practice the proposed “Vacant Land Tax” could discriminate against private rural landowners who possess land within county Local Development Plans.
The concern is that the type of small rural plots owned by many farmers may not be viable to develop. This tax could have unintended consequences and cause significant financial problems in the rural economy, if it is not targeted correctly.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.
