A1.542 Tax powers in Wales
The Wales Act 2014 gave effect to many of the recommendations set out in the first report of the Silk Commission (see A1.540). The Act devolves, for the first time, a range of tax (and borrowing powers) to Wales including landfill tax, stamp duty land tax and some income tax. The legislation also provides powers to create new devolved taxes.
The Wales Act 2017 moved the Welsh Government to a 'reserved powers model' similar to that used in Scotland, ie where it is the powers reserved to the UK Parliament, rather than those which are devolved, that are listed1.
Devolved Welsh taxes
The Welsh Government's powers to pass laws are set out in the Government of Wales Act 2006, and these powers are restricted to specified devolved matters. The Wales Act 2014 and Wales Act 2017 extended these powers2.
The devolved taxes specified by Wales Act 2014 are:
• a Welsh tax on transactions involving interests in land, replacing stamp duty land tax in Wales, which became land transaction tax (also known as LTT) which
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