I'm grateful for the questions and the comments there, and I'll start off with land value tax, because that, I know, is an area of joint interest between our parties. I just want to confirm that the work will be going on in parallel with the changes that we will be introducing over the period ahead. I'm really pleased that, within the scope of the research, Bangor University was able to construct a preliminary statistical model to estimate a set of land values, and such detail hadn't even been attempted before in the literature for Wales, and it has enabled Bangor now to determine potential tax rates at which LVT would need to be levied to raise revenues broadly equal to the current systems of local taxation. However, a key lesson that was learned from the modelling work was that it is just significantly more challenging to estimate land values for non-domestic uses than it is for domestic.

An important finding for future consideration is the investment necessary to meet the detailed information requirements on which such a tax could be based. So, we'd have to have a comprehensive cadastre of land—that is a huge undertaking in and of itself—and obviously robust mechanisms for valuation. But, overall, the report obviously makes a really important contribution to our understanding of possible future reforms, but it does recognise that much more work will be needed regarding the practical and policy implications of the idea, for example, whether various options could be designed in a way to support wider policy objectives, such as decarbonisation and tackling poverty, and crucially how the link between local tax payers and local services can be maintained. So, I think that the previous work that we have done on this does set the direction in which we need to travel for further research, further discussion and analysis in the period ahead. But, as I say, it will be done in parallel with the work that I've described today, and I also said in the statement that the aim would be to provide a potential road map to get us to that point as part of that important work.

The revaluation was raised. The next revaluation in Wales, and England, Scotland and Northern Ireland, will take place in 2023, but it will be based on rateable values at 1 April 2021. So, this work is currently going on at the moment, and one of the things we could explore in future would be to reduce that legislative gap between the point at which the rateable values are set and the point at which they come into practice. So, that could be something that we will look at. Rateable value changes as a result of the April 2023 revaluation, which is ongoing at the moment, are obviously not known, but we do expect to publish a new draft rating list by the end of this year to give people some kind of certainty for the way ahead in that regard.

And, yes, I obviously want to share those comments about the vital role that local government will play in this piece of work, and just to provide assurances that I absolutely see them as partners in co-producing this important work, and, obviously, those discussions will be very much including the question as to what resourcing local authorities believe that they need, and whether they need to change the kind of model that they have at the moment. So, lots of engagement with local authorities on this, and they have incredible expertise that we're very keen to utilise in this area.

Then, the importance of a really robust appeals system is something that has also been raised. This is something that I hope to make some good progress on and to launch a consultation on during the course of this year. So, this will be something that colleagues can get their teeth into as an early item of this reform. We would look at, for example, the tiers of the appeal system; whether or not there should be appeals fees and whether those should be changed; where they should be set, and so on; whether there should be penalties for providing false information, and if so, where we would set those penalties; looking at timescales and understanding what the implications are when timescales are different across the border in England; and clarifying information that would need to be provided to the Valuation Tribunal for Wales, for example. So, there are lots of things that are quite detailed, and sometimes technical things that we'll need to be consulting on in the course of this year, but I think that we can make some early progress on the appeals side, as we will do on the revaluation side as well.

And, yes, I share the recognition that the Welsh Revenue Authority has a really excellent way of working, in the sense that it seeks to enable taxpayers to pay the right amount of tax the first time, rather than concentrating on trying to pursue taxpayers after the event. And I think that that kind of ethos is excellent. Just to go full circle, really, to where Llyr Gruffydd started in terms of the importance of the fairness in tax, that's our No. 1 tax principle that tax should be collected fairly in Wales, and that will be very much front and centre of the reforms as we take this forward.