Wales Establishes National Tax Authority

July 1, 2015 Taxation in UK

CARDIFF – Work has begun to establish an independent tax authority in Wales, in order to ensure that Wales can smoothly transition to collecting newly devolved taxes.

In a recent statement the Finance Minister of Wales Jane Hutt announced that a new tax collection body is now being established in the country to start collecting taxes from local taxpayers by the end of the year 2018.

The new body, to be called the Welsh Revenue Authority, will initially be charged with collecting the recently devolved landfill tax and the equivalent of stamp duty, to be called Welsh Land Transaction Tax.

It is estimated that the collection of the new landfill tax will result in revenues of GBP 51 million, while collection of the stamp duty will result in revenues GBP 168 million per year.

The Welsh Revenue Authority is being initiated now in order to ensure that by 2018 all necessary systems and processes are established to facilitate a smooth transition for Welsh taxpayers.

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