Land transactions tax variation in Wales

Public spending in Wales is largely funded through a block grant from UK Treasury, and with changes in public funding determined by the Barnett formula. This adjusts the amounts of public spending given to Wales to link to changes in expenditure given to public services in England. This means there have been limited links between tax revenues gathered in Wales and monies available for the Welsh Government to spend on public services. However, following a series of Commissions (For example, see Holtham Commission (2010) and Silk Commission (2012)) in Wales, there has been more pressure for economic powers to be devolved to the region. For example, from 2015 business rates were fully devolved. Moreover, 2018 witnessed an end to centrally-set Stamp Duty Land Tax (SDLT) and its evolution to a devolved Land Transaction Tax (LTT).