WALES has gained full control of business rates.

Control of the property tax, from the beginning of April, makes a “major first milestone for fiscal devolution in Wales”, finance minister Jane Hutt said.

Business rates is the common term for ‘non-domestic rates’, charged on properties, like shops, offices, pubs, factories and holiday rental homes.

The National Assembly already has legislative competence over some powers over business rates, and can amend or replace the current system of rates, but from April 1 will have full responsibility.

The minister said: “This is a major first milestone for fiscal devolution in Wales. Devolution of non-domestic rates will give Welsh Ministers new flexibilities to make use of an important economic lever. It will also put Wales on an equal basis with Scotland.

“The devolution of financial powers provides us with the opportunity to develop taxes that are based on fairness and reflect the needs, circumstances and priorities of the people of Wales. They will help us deliver our economic and social goals for Wales.”

Economy minister Edwina Hart said: “The devolution of business rates is excellent news for Welsh businesses. We have already committed to capping business rates increases at 2 per cent and an extension to Small Business Rates Relief, and these new powers will give us the opportunity to consider further steps to support jobs and growth right across Wales.”