Mortgages  

Government considers giving Welsh stamp duty powers

The government will consult on the proposed devolution of stamp duty to the National Assembly for Wales, Danny Alexander, chief secretary to HM Treasury, told parliament yesterday (17 July).

Following the report by the Commission on Devolution in Wales (Silk Commission), the government has decided to consult with businesses about the potential impact on the construction industry and housing market of allowing the Welsh to set their own stamp duty.

Mr Alexander said: “This is an important final step to enable us to respond to the Silk Commission’s recommendations.

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“There is a very strong case for devolving fiscal and economic levers to the Welsh government, but it is right that we fully understand the potential impacts so that we can ensure that the decisions we take are right for Wales and for the UK as a whole.”

David Jones, secretary of state for Wales, said: “All interested parties should take this opportunity to express their views in this short consultation on the potential consequences of devolving stamp duty, to help fully inform the government’s response to the Commission’s first report.”

The independent Commission on Devolution in Wales (The Silk Commission) has been established to review the present financial and constitutional arrangements in Wales.