The Welsh government presented its final 2019/20 Budget to the Welsh Assembly on 18 December.
The Welsh government presented its final 2019/20 Budget to the Welsh Assembly on 18 December.
The new Welsh rates of income tax were set at 10p in the draft Budget on 2 October. The forecast for Welsh rates of income tax in 2019/20 has fallen from £2,099m at the draft Budget, to £2,059m in the final Budget, largely because the increase in the personal allowance announced in the UK Budget on 29 October was greater than expected. However, there will be no net impact on the Welsh government’s budget in 2019/20, as the block grant adjustment for income tax will be reduced in the same way.
The draft Budget established that there would be no changes to the rates and bands for land transaction tax (LTT) in 2019/20. The Welsh government will monitor the UK SDLT consultation planned for January 2019 on a surcharge of 1% for non-residents buying residential property in England and Northern Ireland and consider any implications for LTT in Wales.
The Welsh government set the LTT threshold at £180,000 in 2018/19 for all buyers, including shared ownership purchases, so the UK Budget announcement of an extension to SDLT first-time buyer relief to cover shared ownership purchases will not affect LTT.
The draft Budget set out that landfill disposals tax rates for 2019/20 would increase in line with the retail price index. See bit.ly/2skloo5.
The Welsh government presented its final 2019/20 Budget to the Welsh Assembly on 18 December.
The Welsh government presented its final 2019/20 Budget to the Welsh Assembly on 18 December.
The new Welsh rates of income tax were set at 10p in the draft Budget on 2 October. The forecast for Welsh rates of income tax in 2019/20 has fallen from £2,099m at the draft Budget, to £2,059m in the final Budget, largely because the increase in the personal allowance announced in the UK Budget on 29 October was greater than expected. However, there will be no net impact on the Welsh government’s budget in 2019/20, as the block grant adjustment for income tax will be reduced in the same way.
The draft Budget established that there would be no changes to the rates and bands for land transaction tax (LTT) in 2019/20. The Welsh government will monitor the UK SDLT consultation planned for January 2019 on a surcharge of 1% for non-residents buying residential property in England and Northern Ireland and consider any implications for LTT in Wales.
The Welsh government set the LTT threshold at £180,000 in 2018/19 for all buyers, including shared ownership purchases, so the UK Budget announcement of an extension to SDLT first-time buyer relief to cover shared ownership purchases will not affect LTT.
The draft Budget set out that landfill disposals tax rates for 2019/20 would increase in line with the retail price index. See bit.ly/2skloo5.
