Written question WQ86190
- Asked by
- Andrew RT DaviesConservative
- To be answered by
- Minister for Finance and Local Government
- Tabled
- Due
- Answered
- Time to answer
- 7 days
Question
What tax reforms has the Welsh Government considered making in order to help people with the cost of living?
Answer
Answered by Minister for Finance and Local Government
The Welsh Government is committed to helping those least able to help themselves through this cost-of-living crisis.
I announced changes to Land Transaction Tax on 27 September which will result in around six out of 10 (61%) residential property transactions being below the new main residential rates threshold of £225,000. It should be recognised that most of the funding for Wales comes through the Block Grant, therefore our short-term fiscal prospects are largely determined by UK government fiscal policy decisions. As part of the budget process, I will consider revenue and spending options to support our most vulnerable people through the cost of living crisis.
We are also consulting on reforms of council tax and non-domestic rates to deliver commitments in our Programme for Government, with some changes expected to take place by the end of the Senedd term. Our proposals are focussed on creating local tax systems which are fairer and better suited to the socioeconomic circumstances of Wales.