Property Development: Taxation
The question
To ask the Chancellor of the Exchequer, how much funding the Welsh Government (a) has received and (b) is forecast to receive in additional Barnett Formula consequential funding as a result of income raised via the Residential Property Developer Tax.
Answered by Darren Jones
The Residential Property Developer Tax is a UK-wide tax. UK-wide tax revenue goes into the UK Consolidated Fund.
The Barnett formula then applies to changes in UK Government departmental budgets.
The Welsh Government receives around 20% more funding per person than equivalent UK Government spending in other parts of the UK. That translates to £3.5 billion more per year on average for the Welsh Government.
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