Green Growth Wales »The proposed Green Growth Wales fund aims to increase and accelerate projects to deliver green investment in Wales.Learn more »
First Minister begins visit to strengthen links with India
First Minister of Wales Carwyn Jones departs today for a visit to India for a series of meetings with businesses and government ministers.
- "Palliative care services in Wales are making an enormous difference to people’s quality of life" - Mark Drakeford
- First Minister welcomes President of Ireland to Wales as Dylan Thomas celebrations reach their climax
- First Minister begins visit to strengthen links with India
In this section
- Business and economy
- Children and young people
- Culture and sport
- Education and skills
- Environment and countryside
- Equality and diversity
- Health and social care
- Review of the existing policy on disposal of higher activity radioactive waste
- Human Transplantation (Wales) Act 2013: new regulations
- National Training Framework on gender-based violence, domestic abuse and sexual violence
- Review of the Childcare Sufficiency Assessment Duty on Local Authorities
- Travelling to better health
- Agricultural Sector (Wales) Act 2014: Consultation on the Agricultural Advisory Panel for Wales
Section highlightHousing (Wales) Act 2014The Act introduces significant improvements across the housing sector to ensure that people have access to a decent, affordable home and better housing-related services.
Legislative programme 2014 - 2015 »
Bills that the Welsh Government will bring forward in 2014/2015.Learn more »
Section highlightWales for Africa grant
The Wales for Africa grant supports projects that build mutually beneficial links between Wales and Sub-Saharan Africa.
Draft Budget 2015-16 »
The amount of funding allocated to Welsh Government Departments for 2015-16 is £15·3bn.Learn more »
- Statistics & Research
Upcoming calendar »
See the schedule for all statistics and research releases.View upcoming calendar »
Financial reform and tax policy
The UK Government published the Wales Bill on 20 March 2014. The purpose of the Bill is to devolve taxation and borrowing powers to the Welsh Government and National Assembly for Wales. This is as a result of the UK Government’s acceptance of the majority of recommendations published in the 1st Silk Commission report.
The Wales Bill aims to fully devolve:
- Non-domestic rates (also known as ‘Business Rates’)
- Stamp duty land tax
- Landfill tax
The first of these taxes to be devolved will be Non-domestic rates, which will take effect in Wales from April 2015. Stamp duty land tax and landfill tax require the passage of the Wales Bill through the UK Parliament and have a target date of April 2018. From that date, UK versions of the taxes will be “turned off” and replacement Welsh taxes will come into effect.
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. The Tax Advisory Group for Wales and the Welsh Government Tax Forum have been set up to help Welsh Ministers achieve this.
The Wales Bill confirms that the Welsh Government will also acquire borrowing powers to invest in capital projects from 2018. Ministers will be able to borrow to invest in any devolved area of responsibility, up to a total limit of £500m. Early access to borrowing powers has been granted to help finance an enhancement to the M4, if Ministers decide to undertake such a project.
The Wales Bill also provides for up to £500m of borrowing to support revenue spending. This power will help manage budgetary fluctuations that occur as a result of tax devolution.
The Finance Minister will continue to press for further powers for Wales, as recommended in the Silk report. These include:
- Air Passenger Duty
- A higher borrowing limit
- The ability to vary income tax rates independently of one another.
The UK Government remains responsible for Stamp Duty Land Tax and Landfill Tax until April 2018. It may introduce changes to them prior to the introduction of replacement Welsh taxes.
Full details are available of the Wales Bill and Command Paper on GOV.UK (external link). View the UK Government response to the 1st Silk Commission report on GOV.UK (external link).