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Dec 2016

30

Wales handed powers to set income tax

Income tax rates in Wales could vary from April 2019 following a deal between the Welsh government and UK treasury.

In a milestone agreement between the UK and Welsh governments, Wales will take control of 10p in each band of the income tax collected within its borders.

The new fiscal framework was negotiated by chief secretary to the Treasury David Gauke and Welsh finance Minister Mark Drakeford.

The block grant that Wales gets from the Treasury annually will be reduced in a fair way, the governments claimed.

Posted byCaoimhe ByrneinHMRC