Wales Act 2014

Provisions

• Devolving stamp duty, business rates and landfill tax to Wales and enabling the Welsh Assembly to replace them with new taxes specific to Wales. Further taxes can also be devolved, with the agreement of the UK Parliament and the Welsh Assembly.
• Providing for a referendum in Wales on whether an element of income tax should be devolved. If there is a vote in favour then the Welsh Assembly will be able to set a Welsh income tax rate. Fluctuations in revenues will be managed by new borrowing powers for Welsh Ministers.
• Extending Welsh Assembly terms permanently from four to five years in order to reduce the chance of Assembly elections clashing with general elections to the Westminster Parliament as a result of the Fixed-term Parliaments Act 2011.
• Removing the prohibition on candidates in Welsh Assembly elections from standing in a constituency and also being on the regional list.
• Prohibiting Welsh Assembly Members from also being MPs.
• Formally changing the Welsh Assembly Government’s name to the Welsh Government.
• Clarifying the position of the First Minister between dissolution of the Assembly and an Assembly election.
• Allowing Welsh Ministers to set a limit for the amount of housing debt that individual local housing authorities in Wales may hold. The UK Treasury will limit the total Welsh housing debt.
• Requiring the Law Commission to provide advice and information to Welsh Ministers on the law reform matters that they referred to the Commission.