Minister announces plans for a smooth transition to Welsh taxes
1 Jul 2015 11:04 AM
The Finance and Government Business Minister Jane Hutt has yesterday announced that the new Welsh Revenue Authority will be working with HMRC and Natural Resources Wales (NRW) to collect and manage Welsh taxes.
From April 2018, a Welsh Land Transaction Tax (LTT) will replace UK Stamp Duty Land Tax and a Welsh Landfill Disposals Tax (LDT) will replace UK Landfill Tax.
The Minister confirmed that the forthcoming Tax Collection and Management (Wales) Bill, which will be introduced to the National Assembly for Wales on 13 July, will create a new Welsh Revenue Authority (WRA).
The WRA will be responsible for the collection and management of Welsh taxes. But it will be able to delegate functions to other bodies with the approval of Ministers and the National Assembly.
Jane Hutt said yesterday:
“My priority is making sure Welsh taxes – which from 2018 will be a small but significant part of the overall funding available for public services in Wales – are collected safely and securely. I also want arrangements that will enable taxpayers to comply with their obligations as straightforwardly as possible and these arrangements will need to be value for money.
“I have listened closely to the views of the business community, my Tax Advisory Group and other stakeholders. A consistent message has been the importance of a smooth transition to the new taxes in 2018, with as little disruption for taxpayers as possible.”
"I am confident that the plans I am setting out today will deliver this.
"Working with HMRC on LTT will support the development of Welsh tax expertise and capability, providing a smooth transition. NRW already work with landfill operators in Wales and their existing knowledge and understanding of the sector will be of significant benefit in operating the new LDT. "
"We will be having further discussions with HMRC and NRW over the coming months to settle the detail of how things will work. I will be providing the Assembly with regular updates on this work as it proceeds."