So, we were looking, I think, at—there were four of them. I have three of them. The plastics tax—I think perhaps we're looking at, if that is going to happen, it would be more on a UK basis, and I think that it would be particularly difficult for manufacturers and supply chains to do for a just-in-Wales basis. The tourism tax, I think, was very unpopular and not, in my view, a good idea, and we're now looking at this vacant land tax. It has, I think, links to the other property taxes we have—the council tax, the business rates, the land transaction tax—and I think that there certainly is an argument for having one type of taxation devolved so one can look at how those different taxes interrelate with each other, and try and make the right decision for Wales about how that should work. My concern slightly about the vacant land tax idea is I can understand, in principle and in theory, why it might be a good idea, but I worry as to how it would act in practice. In particular, I fear that it might lead to a perception that business taxes were higher in Wales; that it was harder to do business in Wales than it was in England. And, however useful the incentive effect of the tax might be in theory, I just wonder whether in practice that will always be the case.

We have this commercial property tax of—supertax, I call it—6 per cent above properties of over £1 million. I think that, combined with that, the tax regime gets higher. We've spoken, Minister, a number of times, I think, in various contexts about this tax and how it operates, as with the First Minister when he was in that role before, and I'm concerned that we don't yet have good evidence as to how it's working. The Minister rightly identified that, in many cases, it won't apply because a property of above £1 million will be owned by a company, and the way the tax is essentially avoided is by the transfer of that company from one company to another. And, given the tax rate, people are incentivised to form those companies. And, when it's residential property, it's seen as bad tax avoidance that a stop should be put to and, at UK level, with the annual tax on enveloped dwellings, as well as the stamp duty land tax rates, that has been the pressure. But, within the commercial field, it seems to be much more the norm that high-value buildings are owned in companies. Is that something that we're comfortable with, and to what extent are we monitoring how high that proportion is, and the change in any of that proportion in light of the move from the 5 per cent to the 6 per cent rate in Wales? I also wonder what impact it's having on the purpose-built student accommodation market, particularly in Cardiff, and the potential for a build-to-rent market to grow. Because, those transactions, it may be more attractive for them to be done through the multiple dwellings relief, rather than the commercial tax that can be elected for it.

The Minister has been very keen, when she argues with UK Government or makes the case for devolving a tax to Wales, not to say what she would do with that tax. And I'm not sure if I support or fully understand that approach. If we have a tax devolved, I understand why that's our business and it's not for Westminster to say what we should do with that tax, because it's devolved. But, when something is not yet devolved and you want to make the case to devolve it, would it not be helpful to the cause of doing that to explain to Westminster and Whitehall what the purpose of that devolution is? I think the vacant land tax—it could integrate very well with the other property taxes that we have. But, if we are to try and do it in Wales, and we've got a good idea how we would want to use it, why not explain that to Westminster? Because there may be benefits to the UK Government, for England or, indeed, for the Scottish Government, of seeing what we do with it. So, to persuade them to devolve it, why not make that case, including, say, what the direction of travel is and what we expect that to achieve?

The income tax devolution—the Welsh rates—is huge compared to what we've seen with land transaction tax or the landfill disposals tax or, indeed, with council tax and business rates, which are large in size too, but where we haven't diverged to a very significant degree from the system as it applies in England. And I worry that, because we're not proposing to change the rates, Members are not giving the attention that the Welsh rates of income tax deserve. Firstly, we talk about the 10p band, but actually that's the amount we may lower it by—we can take it down 10p, but there's no limit on the amount by which we could put it up. So, that in itself makes it a very large thing.