An Enterprising Welsh Tax Policy

FSB Policy Report 19 Aug 2020

FSB Wales paper on the future of taxation in Wales

A lot has changed during the last five years of Welsh politics. As we approached the 2016 National Assembly for Wales elections, FSB Wales was concerned with business rates as the key devolved tax lever that has an impact on businesses large and small across Wales. Five years later, as we approach the 2021 elections to the Senedd, we do so in the context of nearly £5bn in ‘Welsh’ taxes including taxes on income, land transaction as well as properties accounting for nearly 30% of Welsh Government’s revenue on an annual basis. 

We can now talk clearly about an articulated Welsh policy on taxation that impacts on individuals and businesses across Wales. There is a Welsh revenue agency – the Welsh Revenue Authority – that collects Welsh taxes for the first time in over 800 years. Decision on taxation have a meaningful impact on public spending, but also on the future of the Welsh economy. A tax system that helps nurture SMEs and encourages further investment could benefit us all through increased productivity, growth and revenues.

Click below to read the full report