The WRA started collecting and managing revenue from two devolved Welsh taxes, Land Transaction Tax and Landfill Disposals Tax, in April 2018.

Despite the pandemic, the housing market held up relatively strongly and during March 2021, the number of transactions was nearly 50% higher than in March 2019. By the end of 2020 to 2021, an estimated 85% of the number of transactions expected in any given year had taken place.

The WRA processed just over 53,400 LTT returns (2019 to 2020: 61,000). Of these returns, 46% resulted in a tax liability requiring payment (2019 to 2020: 53%). This was equivalent to £264,878 in land tax, down from £271,377 the previous year.

The lower proportion of returns with a liability was expected because of the reduction in main rates residential LTT that applied to transactions completed between 27 July 2020 and the end of the financial year due to the pandemic. This generated a net revenue income of £210m for the Welsh Consolidated Fund (2019 to 2020: £260m).