Mark Drakeford MS, Cabinet Secretary for Finance and Welsh Language
Over the last two Senedd terms extensive research has been carried out to inform future thinking about the possibility of a Land Value Tax for Wales.
Today, the latest steps in that process see the publication of a series of reports presenting the findings of research commissioned by the Welsh Government to explore different approaches to valuing land.
The reports sit within a wider body of research exploring alternatives to existing local taxes, including earlier work by Bangor University that provided a technical assessment on the potential of a local land value tax in Wales. They examine how land could be valued in practice and the challenges associated with different valuation approaches.
Over the past two years, research was undertaken by the University of Gloucestershire, the Valuation Office Agency (VOA), Alma Economics, Axion Solutions, Bangor University, Industryline Research and Tesseract Academy. The results of this research provide new evidence and analysis, test a range of valuation approaches, and strengthen our understanding around the feasibility of land valuation in a Welsh context. This is an important step forward when considering alternative approaches to taxation in Wales and I would like to thank all those involved in contributing to this programme of work.
The full set of reports can be accessed on our Testing land valuation methods webpage.