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<p>As set out in the Welsh Government’s fiscal framework, the UK and Welsh governments
have agreed to apply a block grant adjustment for each band of income tax separately.
Doing so will fully account for the different proportions of basic, higher and additional
rate income tax payers in Wales and the rest of the UK.</p><p>This means that the
Welsh Government will hold an appropriate set of risks and opportunities regarding
their new income tax powers, as part of a wider funding agreement that the UK and
Welsh governments agree is fair for Wales and fair for the rest of the UK.</p>
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