Night time economy framework »The framework aims to help develop a sustainable, healthy and safe night time economy in Wales.Learn more »
New £13m ALN School opened
A new 100 place school for pupils with additional learning needs (ALN) has been officially opened by the Minister for Lifelong Learning and Welsh Language, Alun Davies.
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Featured Article »£40m available for research and innovation proposals
- New £13m ALN School opened
Section highlightLandfill Disposals Tax Communities Scheme
The scheme will support local community and environmental projects in areas affected by the disposal of waste to landfill.
Final Budget 2017-18 »
The amount of funding allocated to Welsh Government Main Expenditure Groups (MEGs) for 2017-18 is £15bn.Learn more »
- Statistics & Research
Welsh Treasury and fiscal reform
The act fully devolves:
- Stamp Duty Land Tax
- Landfill Tax.
A Land Transaction Tax will replace Stamp Duty Land Tax and Landfill Disposals Tax will replace Landfill Tax. These will be the first specifically Welsh taxes in almost 800 years.
Legislation will be introduced in the National Assembly in 2016 for the replacement taxes with a target implementation date of April 2018.
The Wales Act 2014 also provides for the partial devolution of income tax. The National Assembly for Wales would then set Welsh Rates of Income Tax, which means Income Tax rates in Wales could be different to other parts of the UK in the future.
At present, introduction of Welsh Rates of Income Tax is subject to a referendum, however this could be removed via the Wales Bill currently before Parliament.
As part of the programme of fiscal and funding reform, Non-domestic rates were also fully devolved from April 2015, however this change did not require primary legislation and therefore it was not included in the Wales Act 2014.
The Wales Act 2014 gives the Welsh Government new borrowing powers to invest in capital projects from 2018. These will commence alongside the introduction of fully devolved taxes (expected in April 2018). Ministers will be able to borrow to invest in all devolved areas of responsibility, up to a total limit of £1bn, with an annual limit of £150m. Early access to borrowing powers has been granted to help finance improvements to the M4.
The act also provides for up to £500m of borrowing to support revenue spending to help manage budgetary fluctuations that may occur as a result of tax devolution.
Devolving taxes to Wales enables us to develop a tax system that is simpler, fairer and supports jobs and growth. It allows us to take decisions affecting the Welsh economy in Wales.
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