Wales Eyes Its First Devolved Tax Power

September 13, 2016 Taxation in UK

CARDIFF – Welsh parliamentarians are now debating the first new piece of tax legislation introduced in the country in the last 800 years.

On September 13th the Bill for a Land Transaction Tax was introduced in Wales, which is set to replace the current Stamp Land Duty Tax.

The new tax is the first new tax to be introduced in Wales in the last 800 years.

The introduction of the Land Transaction Tax comes as part of the devolution powers granted to the government of Wales by the government of the UK.

The new tax is intended to raise approximately GBP 250 million in taxes per year.

The rates for the new tax have not yet been set, and are scheduled to be finalised in autumn 2017.

The Land Transaction tax will be levied at the time of purchase or lease of land, property or buildings in Wales, with variable rates to be set in accordance with several value bands.

It is believed that the new tax will be more fitting for the needs Wales and Welsh economy, with the newly raised funds to be used to fund public services in the country.

This is not the only new tax being devolved in Wales, with the government set to evaluate a proposal for a Landfill Disposal Tax later this year.

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