We have also established Wales's first non-ministerial department, the Welsh Revenue Authority, on time and on budget. It has now been successfully collecting and administering the fully devolved Welsh taxes for three years. The WRA's distinctive approach to supporting the process for delivering a fair tax system means it works in partnership with taxpayers to ensure that tax is paid on time, and right first time.

We have set out our Welsh approach to tax policy in our tax policy framework, to explain how we will use taxes for the benefit of communities and businesses. The framework includes the principles we are following in developing tax policy, doing so though collaboration, seeking to create clear, stable taxes, which raise revenue fairly, support wider policy objectives, and help to deliver greater equality. And we've put those principles into practice.

We have used our powers to ensure that land transaction tax is significantly more progressive than its predecessor, stamp duty land tax, for residential transactions. We introduced a temporary relief to help the property market recover in the summer, and more recently increased the higher rate to generate additional support for Welsh public services. When the current temporary reduction to the residential LTT rates ends, Wales will once again be the only country in the UK with a starting threshold at around the average price of a home. That starting threshold means the majority of first time homebuyers won't pay any LTT. Wales also has the highest thresholds at which businesses need to pay tax on non-residential property transactions in the UK.

The primary purpose of landfill disposals tax is to support our environmental goals, so revenue should decline as those targeted by the tax respond positively. To date, we have retained consistency in rate setting with the UK Government, ensuring that we do not encourage the transfer of waste across the Wales-England border. However, there has been opportunity to innovate, leading the way by being the first UK country to set a higher tax rate for unauthorised landfill disposals and creating an additional financial deterrent for people disposing of waste illegally.

We have used £2.8 million of landfill disposals tax revenue to fund local projects via the landfill disposals tax communities scheme, maintaining our commitment to communities affected by the disposal of waste to landfill.

Of the three taxes, Welsh rates of income tax impacts on the highest number of Welsh citizens, paid by over half of the adult population. We work closely with HMRC, which retains responsibility for the collection and management of Welsh rates of income tax, to ensure that the processes run smoothly.

Our tax policy framework emphasises the importance of involvement and collaboration. We have encouraged this through the development of advisory and discussion groups to consider proposals under development, working closely with stakeholders. We have published annual work plans, announcing the issues we are exploring, and inviting comments, queries and contributions. Many of these policy areas have been discussed at the annual tax conferences, and progress is published in the tax policy reports. I will be issuing the latest tax policy report alongside the final budget next month.

A key area of tax policy activity has been the exploration of ideas for possible new taxes. We are pursuing competence for a vacant land tax through the inter-governmental process agreed with HM Treasury, whilst also investigating a disposable plastics tax, exploring the case for a tourism tax, and potential options for funding social care. It is regrettable the inter-governmental process for new taxes has failed at its first test. Further progress will be difficult, given the current UK Government's attitude towards devolution, and while it remains the arbiter of its own decisions.

During this Senedd, we have benefited from the support of many people and organisations who have contributed to the process of introducing Welsh taxes. I am grateful to them, and to the Senedd Members and the Finance Committee for the diligent scrutiny of the provisions that we have put forward. There is a continuing responsibility to ensure that our devolved taxes operate fairly and effectively, delivering the revenue required for our public services. And there's further work to be done on the scope for new taxes. That will be the work for the next Welsh Government and Senedd. They will build on the solid foundations of what we have achieved over the past five years. Diolch, Dirprwy Lywydd.