MS, Cabinet Secretary for
Finance and Welsh Language: The "Welsh way of doing tax"
is a collaborative, trust-based approach to tax, championed
by the Welsh Revenue Authority (WRA). It focuses on supporting
taxpayers to get things right first time, and it is guided by
principles of Cydweithio (working
together), Cadarnhau (certainty and
consistency), and Cywiro (correcting errors).
It is the ethos that has underpinned the collection and
management of our devolved taxes since 2018.
In my written statement of
10 December 2024, I set out that the OBR had increased their
forecast revenues for Land Transaction Tax in 2025-26. This
increase included £2.6m of additional tax receipts due to
additional resources being invested in the WRA.
The WRA is currently forecasting that by the end of this
financial year that through compliance activity they will have
collected £2.5m more this year than last year and protected an
additional £100,000 of tax more than last year.
This goes to show that the Welsh way of doing tax is working. By
investing in a system built on collaboration, transparency, and
early engagement, we are securing fairer outcomes for taxpayers
and for Wales as a whole.
These results also highlight the value of sustained investment in
the WRA's capability and capacity. The additional resource agreed
for 2025/26 will allow the WRA to continue its work in minimising
tax risk, protecting revenue that funds vital public services
while maintaining the trust-based, preventative approach that is
central to our devolved tax system.
