The Finance Secretary has kick-started a national debate about ideas for potential new Welsh taxes.
Mark Drakeford is urging people and organisations to come forward with ideas which could be developed into new Welsh taxes.
The Wales Act 2014 provides the Welsh Government with powers to put forward proposals for the development of new taxes in areas of devolved responsibility. These proposals must be agreed by the National Assembly, UK Government and both the House of Commons and the House of Lords. During a recent debate in the Senedd, the Finance Secretary outlined his intention to test the new Wales Act powers and outline some of the tax ideas which have already been put forward by the Bevan Foundation's report Tax for Good . These include ideas around tourism and takeaway packaging and funding social care.
The Finance Secretary has also suggest that taxation could be used to change behaviours or to discourage activity which has negative social impacts.
The debate follows the passage of two tax Bills by the National Assembly for Wales, which pave the way for the introduction of two devolved taxes in April 2018 – land transaction tax, which replaces stamp duty land tax and landfill disposals tax, which replaces landfill tax. The Finance Secretary is keen to consider all ideas and wants to start a conversation around new taxes – with all political parties; with the public; businesses and organisations across Wales. He is urging everyone to get involved, share their ideas (email FinancialReformMailbox@wales.gsi.gov.uk ) and help shape future Welsh taxes.
A shortlist of ideas for new Welsh taxes will be considered in the autumn.
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All policies back in the second 2017 Finance Bill 17 July 2017
A number of measures were removed from the pre-election Finance Bill; ministers have confirmed that all policies are to be included and those originally announced to start from April 2017 will be effective from that date.
The Finance Bill introduced in March 2017 provided for a number of changes to tax legislation that were withdrawn from the Bill after the calling of the general election. The then-Financial Secretary to the Treasury confirmed at the point they were withdrawn that there was no policy change and that these provisions would be legislated for at the first opportunity in the new Parliament.
Ministers have now confirmed that the second 2017 Finance Bill will be introduced as soon as possible after the summer recess. This will legislate for all policies that were included in the pre-election Finance Bill.
All policies originally announced to start from April 2017 will be effective from that date.
The government has published a list of provisions that will apply from the start of the 2017/18 tax year or other point before the introduction of the forthcoming Finance Bill. Included in the list are:
Taxable benefits: time limit for making good Pensions advice Legal expenses etc. Money purchase annual allowance.
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Finance Bill (No.2) 2017 26 July 2017
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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