The
act - which also renames the assembly government ‘The Welsh
Government’, mirroring the Scottish example - gives some income tax and
borrowing powers to Wales, too, although it appears that if the
principality makes any significant change to stamp duty it would have to
secure the approval of a referendum.
Stephen
Crabb, the Secretary of State for Wales, says: “I want a lasting and
fair devolution settlement that works for the people of Wales.”
Last
year Scotland - which already has powers over its own level of stamp
duty - scrapped SDLT complete and replaced it with a
progressively-stepped Land and Buildings Transaction Tax, which comes
into effect in April.
It includes 10 per cent and 12 per cent thresholds of tax to be paid by purchasers when transacting a property.
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