Wales could introduce its own Income Tax rates from April 2019 as part of a deal with the UK Treasury.<\/p>\n
The deal would also include a \u00a31 billion grant for capital spending \u2013 a big boost to Welsh building and infrastructure.<\/p>\n
The proposed income tax powers would allow ministers to cut or raise rates by 10p within each tax band, and will no longer require a referendum.<\/p>\n
While the deal may prove to be a logistical nightmare for workers operating across British, Scottish and Welsh jurisdictions, it has been welcomed positively by MPs.<\/p>\n
Finance Secretary, Mark Drakeford, said agreement on the fiscal framework guaranteed \u201cfair funding\u201d for Wales.<\/p>\n
\u201cI am pleased we have been able to reach agreement about a new fiscal framework which puts our funding on a stable and long-term footing,\u201d he said, as the deal was announced on Monday.<\/p>\n
\u201cThis is an agreement which is fair to Wales and the rest of the UK.\u201d<\/p>\n
The Welsh Government has recently been granted powers over Stamp Duty Land Tax (SDLT) with the introduction of the new Land Transaction Tax (LTT).<\/p>\n
It is also responsible for settings its own business rates and council tax.<\/p>\n","protected":false},"excerpt":{"rendered":"
Wales could introduce its own Income Tax rates from April 2019 as part of a deal with the UK Treasury.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1651"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=1651"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1651\/revisions"}],"predecessor-version":[{"id":1652,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1651\/revisions\/1652"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=1651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=1651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=1651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}