Fiscal framework paves way for devolution of Welsh income tax rates

A new funding settlement paves the way for the Welsh Assembly to give its consent to the Wales Bill, enabling the Welsh government to “get on with the job” of using new taxing powers to grow the Welsh economy, according to Alun Cairns, the UK’s secretary of state for Wales.

The deal sets out how the Welsh government will be funded given the devolution of the stamp duty land tax, landfill tax, and Welsh income tax rates in a way that is “fair for Wales and fair for the rest of the UK,” Cairns said in a December 19 ministerial statement.

Read more: My news story for Tax Analysts, December 19 (paywall).