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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 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. |
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. |
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. |