THE DEVOLUTION of powers to set stamp duty land tax (SDLT) to the Welsh National Assembly (pictured) is to be consulted on by government, the Treasury has confirmed.
Should the move go through, Cardiff will be granted the right to set its own rate on land transactions, with the levy administered by HM Revenue & Customs.
Following a report produced by the Commission on Devolution in Wales (Silk Commission) the government has decided to consult with the business community given the populous nature of the border between Wales and England and the potential implications for the construction industry and housing market.
Scotland has already received devolved taxation rights on SDLT, income tax and landfill tax in last year’s Scotland Act.
Edinburgh has since announced it is to set up its own tax agency called Revenue Scotland, which will be responsible for the collection of taxes levied by the Scottish government. No such plans have been put forward for Wales yet, however.
Chief secretary to the Treasury Danny Alexander said there is “a very strong case” for devolving fiscal and economic powers to the Welsh government, but added “it is right that we fully understand the potential impacts so that we can ensure that the decisions we take are right for Wales and for the UK as a whole”.
Secretary of state for Wales David Jones said: “The recommendations made by the Silk Commission in Part I of its work have extensive implications not only for Wales, but for the whole of the UK, so it is essential that we give full consideration to all of its implications.
“All interested parties should take this opportunity to express their views in this short consultation on the potential consequences of devolving SDLT, to help fully inform the government’s response to the Commission’s first report.”
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states