Following the Wales Act 2014, the Welsh government has set up a series of consultations to implement new powers to reform taxes on waste disposal and property sales to deliver its own environmental and economic objectives. The proposals include a land transaction tax (LTT) which will replace the UK stamp duty land tax and a landfill disposals tax (LDT) to support their zero-waste policies. The new taxes are due to be introduced from April 2018, and will be the first Welsh taxes in over 800 years.
Lakshmi Narain, CIOT representative on the Welsh government’s tax experts group, said it is ‘crucial that differences introduced in LTT are carefully evaluated and are of clear benefit to the Welsh economy to warrant the extra administrative burdens that diverging regimes will inevitably impose on businesses … It is up to the Welsh government to strike this balance.’
Following the Wales Act 2014, the Welsh government has set up a series of consultations to implement new powers to reform taxes on waste disposal and property sales to deliver its own environmental and economic objectives. The proposals include a land transaction tax (LTT) which will replace the UK stamp duty land tax and a landfill disposals tax (LDT) to support their zero-waste policies. The new taxes are due to be introduced from April 2018, and will be the first Welsh taxes in over 800 years.
Lakshmi Narain, CIOT representative on the Welsh government’s tax experts group, said it is ‘crucial that differences introduced in LTT are carefully evaluated and are of clear benefit to the Welsh economy to warrant the extra administrative burdens that diverging regimes will inevitably impose on businesses … It is up to the Welsh government to strike this balance.’
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