WIREDGOV

The UK Government is devolving new financial responsibilities to Wales, which include:

• The ability for Welsh Ministers to borrow in order to invest in capital infrastructure projects; 
• Enable the Welsh Government to develop its own taxes for land and property transactions, and in relation to landfill;
• Enable the creation of new Wales-only taxes, which would need UK Government approval on a case-by-case basis;
• Grant the National Assembly the power to call a referendum on the partial devolution of income tax;
• The full devolution of non-domestic (business) rates.

Jane Hutt said:

"My aim is for taxes that are devolved to Wales to be reformed for Wales. I want them to be fair and simple, to provide stability and certainty to tax payers. But more importantly, I want taxes that will better support growth and jobs than those they replace."

The Tax Advisory Group for Wales has been established by the Finance Minister to give advice and support to the Welsh Government in the development of devolved tax policy, its collection and management, and provide advice on the wider impact of Welsh devolved tax policy on stakeholders and the economy and social fabric of Wales.

Jane Hutt added:

"As a responsible Government, we will consult widely as we develop our tax policies. However, the level of cuts being imposed on Wales by the UK Government mean tough choices need to be made in order to maintain our commitment to invest in our public services.

"By bringing together a broad range of views and experts in the Tax Advisory Group we can make sure that as a Government, our tax policies are developed in a robust and inclusive way. It is essential that our new taxes are right for Wales."