Mark Drakeford, Cabinet Secretary for Finance

First published:
11 December 2018
Last updated:

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The fourth annual report by Welsh Ministers about the implementation and operation of Part 2 (Finance) of the Wales Act 2014 is today laid before the National Assembly.

Under section 23 of the Act, Welsh Ministers and the Secretary of State for Wales are required to report every year about the implementation and operation of the provisions under Part 2 of the Act until the first anniversary after the final provisions have been implemented.

Part 2 of the Wales Act 2014 provides for the devolution of a range of financial powers to Wales. These enable the National Assembly for Wales to legislate for Welsh taxes on land transactions and disposals to landfill, and to set Welsh rates of income tax; and they enable the Welsh Government to propose and introduce new taxes, subject to approval by the National Assembly for Wales and both Houses of Parliament.

The new report describes the progress made during 2018 towards implementing the Wales Act financial powers. These include the introduction in April of the first Welsh taxes of the modern era (land transaction tax and landfill disposals tax), collected by the Welsh Revenue Authority; the preparations made by HMRC for the introduction of Welsh rates of income tax in April 2019; and work on developing new tax ideas.