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Welsh Budget 2024-25

4 January 2024

The Welsh government published the 2024-25 draft Budget, maintaining WRIT at 10p. No LTT rate changes; consultations later. LDT aligns with UK rates. NDR multiplier capped at 5%. RLHRR receives 40% relief, capped at £110,000. Final Budget on February 27, 2024.

On December 19, 2023, the Welsh government published the draft Budget for 2024-25, outlining revenue and capital spending proposals, along with detailed portfolio spending plans.

No changes have been announced to the Welsh rates of Income Tax (WRIT) for 2024-25; they will remain at 10p. Welsh taxpayers will pay the same rates as English and Northern Irish taxpayers in the new tax year.

The draft Budget excludes proposed changes to the current Land Transaction Tax (LTT) rates. However, the Cymry government will later launch two consultations on the future of LTT. Additionally, they confirm that Landfill Disposals Tax (LDT) rates will align with UK landfill tax rates in 2024-25.

The Welsh Government has confirmed a 5% cap on the increase to the Non-Domestic Rates (NDR) multiplier for 2024-25, lower than the default 6.7% increase aligned with CPI. Retail, leisure, and hospitality ratepayers (RLHRR) in Wales will receive a 40% non-domestic rates relief throughout 2024-25. The RLHRR scheme will maintain a cap at £110,000 per business across Wales.

The plans outlined in the Draft Welsh Budget will be debated in Senedd Cymru, the Welsh Parliament. Following scrutiny of these plans by Senedd Cymru. The Welsh Government will publish the Final Budget 2024-25 on 27 February 2024.

Source: National Assembly for Wales Tue, 02 Jan 2024 00:00:00 +0100

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