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Welsh government to reveal tax collection plans Welsh government to reveal tax collection plans
(35 minutes later)
Plans for how Wales will collect and manage its own taxes will be revealed by Finance Minister Jane Hutt on Tuesday. Plans for how Wales will collect and manage its own taxes for the first time in 800 years are due to be revealed by Finance Minister Jane Hutt.
Power over business rates, stamp duty land tax and landfill tax are being devolved to the Welsh government.Power over business rates, stamp duty land tax and landfill tax are being devolved to the Welsh government.
Businesses and members of the public will be able to give their views on how the system should operate.
They will be the first taxes set and raised in Wales since the 13th Century.They will be the first taxes set and raised in Wales since the 13th Century.
Preparations are underway to set up a Welsh Treasury to handle the tax powers, but who will pay cover the cost of transferring the powers is still under discussion. Plans are under way to set up a Welsh Treasury to handle the tax powers, but who will cover the cost of transferring the powers is still under discussion.
The Welsh government cannot currently vary taxes or borrow money, and instead gets its budget in a grant from the Treasury.The Welsh government cannot currently vary taxes or borrow money, and instead gets its budget in a grant from the Treasury.
Last November the Silk Commission - an inquiry set up by the UK government which recommended devolving more power to Cardiff Bay - said the Welsh government should be responsible for raising some of the money it spends.Last November the Silk Commission - an inquiry set up by the UK government which recommended devolving more power to Cardiff Bay - said the Welsh government should be responsible for raising some of the money it spends.
It also included a recommendation to devolve powers to vary a portion of income tax by 2020, following a referendum.It also included a recommendation to devolve powers to vary a portion of income tax by 2020, following a referendum.