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Wales tax powers Bill given Royal Assent | Wales tax powers Bill given Royal Assent |
(35 minutes later) | |
A bill that hands tax-raising powers to the Welsh government has received Royal Assent. | A bill that hands tax-raising powers to the Welsh government has received Royal Assent. |
The Wales Act 2014 means a referendum could be held to give Welsh ministers the power to vary income tax. | The Wales Act 2014 means a referendum could be held to give Welsh ministers the power to vary income tax. |
The Welsh government, now its official name, is also getting control of stamp duty, land tax and landfill tax, and can now borrow up to £1bn. | The Welsh government, now its official name, is also getting control of stamp duty, land tax and landfill tax, and can now borrow up to £1bn. |
First Minister Carwyn Jones said it "marks the next step on our devolution journey". | First Minister Carwyn Jones said it "marks the next step on our devolution journey". |
The changes mean the Welsh government is now accountable for raising some of the money it spends. | |
Power over landfill taxes, stamp duty and the aggregates levy will pass to Cardiff Bay in 2018. | Power over landfill taxes, stamp duty and the aggregates levy will pass to Cardiff Bay in 2018. |
However, devolution of income tax powers will be subject to a referendum. | However, devolution of income tax powers will be subject to a referendum. |
Welsh Secretary Stephen Crabb said: "This is an historic day for Wales. | Welsh Secretary Stephen Crabb said: "This is an historic day for Wales. |
"Today's Royal Assent of the Wales Bill will help create a robust and lasting Welsh devolution settlement. | "Today's Royal Assent of the Wales Bill will help create a robust and lasting Welsh devolution settlement. |
"It means that for first time the Welsh government is not only responsible for the money it spends but also for raising a portion of that money as well. | "It means that for first time the Welsh government is not only responsible for the money it spends but also for raising a portion of that money as well. |
"It is now important that they make full use of these new financial powers as soon as possible to help grow and strengthen the Welsh economy." | "It is now important that they make full use of these new financial powers as soon as possible to help grow and strengthen the Welsh economy." |
'Tax policy' | |
Mr Jones said the act would allow the Welsh government to "develop a distinct tax policy which is fair and meets the needs of the people and businesses of Wales". | |
But he said a referendum on income tax powers could not happen until "the issue of fair funding from Westminster is addressed". | |
Politicians in Wales claim the funding mechanism for the various governments and assemblies is over-generous to Scotland and Northern Ireland, and believe it short-changes Wales by up to £300m a year. | |
Mr Jones said: "The Wales Act 2014 gives the National Assembly the power to call a referendum over income tax devolution. | |
"This is something I welcome, but I must emphasise that until the issue of fair funding from Westminster is addressed this cannot happen." |
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