Finance Minister Jane Hutt says business rates will be fully devolved to Wales from April next year with Stamp Duty and Landfill Tax following by 2018. Welcoming the UK Government's Wales Bill she said the two governments had agreed an 'ambitious' timetable for tax devolution.
In recent months I have been leading constructive discussions with the UK Treasury on our new financial settlement. I am glad that that we have secured agreement to set ambitious target dates for tax devolution, starting with non-domestic rates, which will be fully devolved in Wales from April 2015. This move will bring Wales into line with Scotland and will ensure that we benefit from the growth in this tax base over time. It will also make it easier to set business rate policy in a way that meets the needs of Welsh citizens and firms.
Full devolution of stamp duty and landfill tax will take longer, since these require passage of the Wales Bill by the UK Parliament. The Assembly will also have to legislate to introduce replacement Welsh taxes, which will come into effect when the UK taxes are ‘turned off’ in Wales. An April 2018 date for introducing the new Welsh taxes is ambitious but achievable. I will continue to develop my plans to ensure that those taxes are simpler and fairer, while supporting jobs and growth.
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