The UK Government has described the package of financial powers transferred to Wales as 'unprecedented.' It says the changes could put the Welsh Government in control of £3bn of tax revenue. The new details announced today are:
- Business rates (or non-domestic rates) which are already partly-devolved will be fully devolved.
- Power to create new Wales-only taxes with the UK Government's agreement.
- The creation of a 'cash reserve' for the Welsh Government to manage tax revenues
There's also more detail of the income tax powers on offer. Subject to a referendum, the Welsh Government would be given control of 10p in every pound collected but could only raise or lower the three rates together.
These changes follow the earlier headline announcements made by the Prime Minister and Deputy Prime Minister at the beginning of November:
- Stamp Duty Land Tax and Landfill tax
- Borrowing powers
- Limited early borrowing powers to begin work improving the M4
- Income tax referendum
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