Mae cyflwyno’r Bil hwn yn nodi cam pwysig yn ein taith i ddatganoli trethi, ac mae’n arwydd o gynnydd wrth inni baratoi ar gyfer y trethi Cymreig cyntaf ers bron 800 o flynyddoedd. Mae’r Bil yn dilyn Deddf Casglu a Rheoli Trethi (Cymru) 2016, a gafodd Gydsyniad Brenhinol ym mis Ebrill. Roedd y Ddeddf hon yn darparu fframwaith cyfreithiol ar gyfer casglu a rheoli trethi datganoledig, gan gynnwys sefydlu Awdurdod Cyllid Cymru—awdurdod a fydd yn ymgymryd â’r swyddogaethau casglu a rheoli mewn perthynas â’r dreth trafodiadau tir.

Rydym wedi ymgynghori’n helaeth â’n rhanddeiliaid ar gynnwys y Bil ac ar ffurf y dreth trafodiadau tir. Hoffwn fanteisio ar y cyfle i ddiolch yn ffurfiol i bob un sydd wedi chwarae rhan i’w ddatblygu. Rwy’n gwerthfawrogi eu bod yn parhau i gyfrannu at lywio’r gwaith manwl sydd eto i’w ddatblygu o dan y Bil hwn.

So, it is, Dirprwy Lywydd, that this Bill will establish a new tax on land transactions in Wales, which will replace stamp duty land tax from April 2018.

In particular, the Bill sets out in Part 2 the key principles of LTT, including which types of transaction will incur an LTT charge and who will have to pay that charge. In Part 3 the Bill sets out how the tax will be calculated and what reliefs will apply. Part 4 deals with the application of the Bill in relation to leases and licences, while Part 5 sets out the special rules applicable to a variety of persons and bodies, such as partnerships or companies. Part 6 of the Bill includes the rules on making a land transaction return and paying the tax, while Part 7 sets out specific measures to tackle devolved tax avoidance.

To guide us in developing our policies and procedures, the Welsh Government has learned from the experience of both HM Revenue and Customs and Revenue Scotland. The Bill retains key elements of stamp duty land tax, including the approach to partnerships, trusts and companies, and to reliefs and exemptions. This is in order to ensure consistency and stability, which businesses have asked for, and which will enable a smooth transition for the property market.

There are, however, some areas in which land transaction tax is different. Those areas are designed to improve efficiency, effectiveness and to ensure a focus on uniquely Welsh needs and priorities. For example, the Bill introduces a simpler general anti-avoidance rule, which will apply to all Welsh taxes, and a single, overarching and robust anti-avoidance rule, which will apply to all reliefs within the land transaction tax itself. This approach will extend, simplify and strengthen existing stamp duty land tax legislation.

Dirprwy Lywydd, taxes fund the Welsh public services on which we all rely. This Government will take a robust approach whenever we believe that democratically sanctioned taxes are being deliberately avoided in Wales.

The Bill will establish a framework for setting the rates and bands for land transaction tax. We will adopt a marginal tax structure in Wales because this is both fairer and more progressive and is also consistent with the approach taken in Scotland, and more recently across the UK. The legislation before Members this afternoon includes specific provision that commits us to adopt a progressive approach to rates and bands—a key benefit of devolving stamp duty land tax being the opportunity to embed fairness in our legislation.

Rates and bands for land transaction tax will be set through secondary legislation closer to April 2018, in order to reflect the economic conditions and state of the property market at that time. A research paper providing a wider context about existing stamp duty land tax rates and bands in England and Wales, and land building transaction tax in Scotland, together with the economic context, will be published shortly. I plan to make it available in advance of the Finance Committee’s Stage 1 proceedings in the hope that that will assist the committee with its consideration of the Bill. Both the UK and Scottish Governments have made changes to their respective land transaction taxes recently, in particular in relation to the rate on additional residential properties. The UK changes were consulted upon in Wales, England and Northern Ireland earlier this year, and the legislation is currently in the later stages of progression through the UK Parliament. The Welsh Government published a Treasury paper seeking views about a higher rate for additional residential properties over the summer. The responses received are currently being considered. This is a matter, amongst a range of others, on which I look forward to studying the views of the Finance Committee when it comes to completing its Stage 1 report.

Dirprwy Lywydd, land transaction tax is the first of two taxes to be devolved to Wales. Later this year, I will introduce a second Bill to the National Assembly to establish a landfill disposals tax. Devolving taxes to Wales enables the Welsh Government to develop a tax system that is simpler, fairer and that supports our ambitions for public services, jobs and growth. For the first time in almost 800 years, we will take the first steps today towards developing and implementing a tax regime that is more directly suited to the circumstances and people of Wales. We intend to do so in a way that works closely with those most directly involved in the relevant fields, which remains conscious of the need to provide a smooth transition between long-established regimes and new arrangements, while at the same time putting in place a law that is sufficiently flexible to accommodate the development of further distinctiveness in the future. In this way, I believe the Bill can make a real difference to people’s lives. I look forward now to the scrutiny process that will follow, and to the engagement of the many organisations and individuals within this Siambr and beyond, who I know will have an interest in making this Bill a success. Diolch yn fawr.