The Welsh government presented its final 2020/21 Budget to the Welsh Assembly on 25 February, reflecting certain changes to the draft Budget published on 16 December 2019.
The draft Budget on 16 December proposed no changes to Welsh income tax rates. The Office for Budget Responsibility (OBR) has reduced its forecast for the Welsh rates of income tax by just under £7m to give expected receipts of £2,200m for 2020/21.
The OBR’s forecast for land transaction tax (LTT) has increased by just over £4m. LTT Rates and bands will not change in 2020/21.
Landfill disposal tax (LDT) rates will rise in line with inflation. The OBR’s February forecast for LDT rates shows no change from its December forecast.
The Welsh minister for finance intends to make a statement as early as possible following the UK Budget on 11 March on the implications for tax forecasts and the detail of any funding changes.
The Welsh government presented its final 2020/21 Budget to the Welsh Assembly on 25 February, reflecting certain changes to the draft Budget published on 16 December 2019.
The draft Budget on 16 December proposed no changes to Welsh income tax rates. The Office for Budget Responsibility (OBR) has reduced its forecast for the Welsh rates of income tax by just under £7m to give expected receipts of £2,200m for 2020/21.
The OBR’s forecast for land transaction tax (LTT) has increased by just over £4m. LTT Rates and bands will not change in 2020/21.
Landfill disposal tax (LDT) rates will rise in line with inflation. The OBR’s February forecast for LDT rates shows no change from its December forecast.
The Welsh minister for finance intends to make a statement as early as possible following the UK Budget on 11 March on the implications for tax forecasts and the detail of any funding changes.
