Part of the debate – in the Senedd at 2:24 pm on 27 February 2018.
With questions tomorrow, leader of the house, you're earning your crust this week, in fairness to you. Can I ask for a statement from the Cabinet Secretary for Finance around the non-residential land transfer tax? I've had extensive correspondence over the half-term recess, and I know that the Cabinet Secretary has had similar correspondence from the sector in relation to the impact that the tax will have on the commercial attractiveness of Wales as a destination for capital. It is imperative that we do understand exactly how this tax will impact on Wales's ability to attract investment. As I understand it, the sector are pointing out that the evidence that the Government bases its commitment to introduce this tax on is Bangor University's assessment and there was little or no consultation with the sector to ascertain the impact of the tax on the sector. Seventy-nine per cent of inward investment on capital projects that the tax would effect, over the last 10 years, would fall into the increased taxation rate that the Welsh Government is setting. What we've seen in Scotland, with a lower level of tax, is greater inward investment and greater flows of capital into the commercial property market. So, I'd be most grateful if the Cabinet Secretary for Finance could bring forward a statement to outline exactly the levels of consultation that the Government undertook with the sector, importantly, over the impact of this new tax, and what response the Welsh Government has to the very detailed analysis that the sector has put together over the likely impact of being able to attract such valuable capital into Wales to develop new opportunities for properties the length and breadth of Wales.