Welsh Assembly passed a law on the establishment of the Welsh tax department which will have the right to collect and manage two decentralized taxes.
In April 2018, the UK Government will transmit Wales duties on stamp duty land tax and environmental tax. These taxes will be replaced by two new ones.
Tax legislation was approved by the Welsh Assembly 8th of March. It will also put in place the mechanisms necessary for the collection and tax management. There’s also a charter of taxpayers which will set out the relationship between the tax department and taxpayers.
Minister of Finance and Business Jane Hutt said: “The tax law allows to make the necessary arrangements for our new decentralized tax liabilities and paves the way for us to put in place taxes that for Wales are more suitable than the first Welsh Tax. This new tax law will make real changes in life”.
“We have worked closely with those who will be affected by these new powers and responsibilities during the development of the tax law. Civil society, business and taxpayers deserve a fundamentally simple, fair and transparent system of taxation. This new law will help to achieve: to minimize the burden on taxpayers, providing a smooth transition to the new procedures, as well as the promotion of tax compliance – which is an important step towards fiscal decentralization”.