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Section highlightLand Transaction Tax
Land Transaction Tax will replace UK Stamp Duty Land Tax in Wales.
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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.
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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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 borrowing powers to invest in capital projects from 2018. Ministers will be able to borrow to invest in devolved areas of responsibility, up to a total limit of £500m. 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.