Stamp Duty reform will help boost Welsh economy – Jane Hutt

25 Apr 2013 03:12 PM
A major conversation on how Stamp Duty Land Tax could be reformed in Wales to meet the needs of businesses and to boost the Welsh economy has been launched by Wales’ Finance Minister, Jane Hutt.

The UK Government’s Commission on Devolution in Wales (The 'Silk Commission') recommended that a range of financial powers should be devolved to the Welsh Government in the next few years - including full devolution of Stamp Duty, Landfill Tax and Aggregates Levy; partial devolution of Air Passenger Duty; rate varying powers for income tax (subject to a referendum); and the ability to borrow.

This morning, the Finance Minister hosted a business breakfast event to discuss how Stamp Duty should be reformed in Wales following its devolution to the Welsh Government.  It was co-chaired by Emma Watkins of CBI Wales, with support from Chris Sutton, Lead Director-Cardiff at global property firm Jones Lang LaSalle, Richard Jenkins, Regional Director of the Federation of Master Builders, and Gerry Holtham, who chaired the Independent Commission on Funding & Finance for Wales.

Jane Hutt said:

“Until now, the Welsh Government's efforts have had to concentrate on making the case to show why we believe it is right to devolve decision making on certain tax powers closer to the people of Wales.

“I am now keen to discuss with businesses and others with an interest how we can design taxes that are fair, simple and effective, that support growth and jobs and, in turn, help tackle poverty.  Although we may just be at the start of the process, this is a significant and - for me - exciting first step forward.”

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