Rebecca Evans MS, Minister for Finance and Local Government
The spending priorities set out in the draft Budget published today (19 December 2023) are supported by devolved and partially devolved Welsh taxes.
This statement sets out my tax plans included within the draft Budget. Taken together, Welsh Rates of Income Tax, Landfill Disposal Tax (LDT) and Land Transaction Tax (LTT) will contribute around £3.5 billion to the Welsh Government Budget in 2024-25.
Alongside the tax related elements of the draft Budget, also published today are two consultation documents relating to LTT.
The first is a consultation on the proposed legislative amendments to the Land Transaction Tax and Anti- avoidance of Devolved Taxes (Wales) Act 2017 (LTTA), to extend the land transaction tax higher residential rates 3-year refund and exception periods, in specified circumstances. Consultation ends: 17 March 2024.
The second consultation is on the proposed legislative amendments to the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 to provide a relief from LTT for qualifying transactions within a designated Welsh special tax site, which would include any future freeports. Consultation ends: 18 February 2024.
For further information please select the following link: Written Statement: Welsh Devolved Taxes and Welsh Rates of Income Tax - Draft Budget 2024-25 (19 December 2023) | GOV.WALES