RegulationCorporate GovernanceWelsh to receive greater tax powers – Cameron

Welsh to receive greater tax powers – Cameron

Cardiff to be granted more power over raising its revenue

Welsh to receive greater tax powers – Cameron

THE WELSH ASSEMBLY is to receive greater powers over income tax and other levies, subject to a referendum, the prime minister has confirmed.

David Cameron and deputy Nick Clegg will also announce control of the stamp duty paid by house buyers and powers to finance upgrades on the M4.

The move follows a report last year recommending greater taxation powers for Cardiff.

At present Wales’ devolved administration cannot vary taxes or borrow money, and derives its budget from a grant by the Treasury. A government commissioned report into the issue, The Silk report, found the assembly should have more responsibility for raising its own revenue.

Scotland has already received devolved taxation rights on Stamp Duty Land 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.

Writing jointly in Western Mail, Cameron and Clegg (pictured) said: “Wales could benefit hugely if the government at Cardiff Bay was responsible for raising more of the money it spends.

“Wales must have the tools to invest in the transport infrastructure it needs. Wales will have control over its stamp duty, bringing in money that can be spent on big Welsh priorities like much needed affordable homes. This is hugely important – one of the best ways to raise living standards is to cut peoples’ taxes. People work hard for their money and we want them to keep more of it.”

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