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30/05/2017

Land transaction tax legislation receives Royal Assent

Words: Laura Edgar
Costs / Shutterstock_195196565

The Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Bill has received Royal Assent, becoming the first act of the current Assembly term.

Land transaction tax will replace stamp duty land tax in Wales when it is devolved in April 2018.

First Minister Carwyn Jones applied the Welsh Seal to the Letters Patent at the sealing ceremony.

He said the act is a “significant step” in the country’s devolution journey.

“It will bring additional responsibility as we become responsible for raising a proportion of our own money and an opportunity to make a real difference to public services in Wales.”

Mark Drakeford, Welsh finance secretary, who also attended the ceremony, added that it will ensure that public services continue to benefit from the revenues raised by this important tax.

It is the first Welsh tax in almost 800 years.

Image credit | Shutterstock

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