Written Question·Treasury·UIN 9044
Property Development: Taxation
Tabled: 14 October 2024
Answered: 22 October 2024
Question
Frank McNally
Labour — Coatbridge and Bellshill
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.
Answer
Darren JonesThe 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 p...
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