Wales Granted Tax Setting Powers
CARDIFF – Wales will now have the power to set some of the minor taxes in the country, and, pending the results of a referendum, may also set the rate of personal income tax.
In a press conference held in Cardiff Bay over the weekend the Prime Minister of the UK David Cameron and the Deputy Prime Minister Nick Clegg announced that Wales will be granted the power to set and collect landfill tax and the stamp duty on the purchase of property, potentially even receiving the ability to set the rate of income tax in the country.
The Ministers announced that Wales will hold a national referendum to gauge the opinions of taxpayers on whether Wales should be granted powers to set a portion of the income tax rates, as has recently been approved in Scotland.
Alongside the tax setting powers, the government of Wales has also been given the ability to independently take on new debt to finance infrastructure development projects, such as an upgrade of the M4 roadway and the launch of new housing projects.
Explaining the significance of the new tax setting powers, Nick Clegg said “…this is a milestone in the devolution of power to Wales and a big step forward… this package puts the Welsh people in the driving seat on jobs, transport, infrastructure and housing as well.”
Photo by pmecologic