For the first time in 800 years the Welsh Government is raising money from taxes as the land transaction tax replaced stamp duty in Wales from April 1.
The Welsh Revenue Authority (WRA) – a tax authority for Wales – will have powers to collect and manage land transaction tax and landfill disposals tax, which replace stamp duty and landfill tax.
The WRA will be responsible for collecting tax revenue on behalf of the Welsh Government to support public services. The Welsh Government estimates the two new taxes will raise more than £1bn in the first four years, supporting the NHS, schools and social services.
Finance Secretary Mark Drakeford, said: “The introduction of these two new taxes represents a significant milestone for Wales.