Finance Minister for Wales, Jane Hutt AM, encouraged Welsh businesses to register their views on devolving Stamp Duty to Wales, as the Treasury launched its "short and targeted" consultation on Tuesday 30th July 2013.

The Treasury has announced it will be seeking views on the potential impact of Stamp Duty devolution on:
• the construction industry and housing market;
• investment and business location decisions;
• compliance costs; and
• the Welsh and English economies.

Responses are being sought particularly from businesses involved in construction, property investment and location decisions, and related sectors such as solicitors and conveyancers.   Commenting on the consultation, the Finance Minister for Wales said:

"I am pleased that the Treasury has moved forward so quickly to get this exercise underway. Stamp Duty is widely recognised as a tax that is ripe for reform, and we are keen to build on the discussions we have already had with stakeholders in Wales about the ways in which we can make it fairer and simpler, and use it to help boost jobs and growth. I’d encourage businesses to take this opportunity to register their views on the Treasury website. This is an important tax, and one that I believe we should be making decisions on here, in Wales."

In November 2012, the Silk Commission published its Part 1 report (Empowerment and Responsibility: Financial Powers to Strengthen Wales) considering how to improve the financial accountability of the Assembly and the Welsh Government, including the case for the devolution of fiscal powers. The report contained 33 recommendations, including the recommendation that Stamp Duty Land Tax (SDLT) ‘should be devolved to the Welsh Government with Welsh Ministers given control over all aspects of the tax in Wales’.

The government wishes to consult with business on the potential impacts of devolving SDLT to the Assembly in advance of making a full response to all of the recommendations in the Commission’s first report.

To view the consultation please visit the UK Government Consultations Website. The consultation closes on Tuesday 10th September 2013, respond by email to SDLT Development Consultation.

For news on the Ministers visit to the Royal Buildings development in Port Talbot to discuss the devolution of stamp duty to Wales, click here.