In accordance with the fiscal framework agreed by the Welsh and UK Governments, we are formally commissioned by the Welsh Government to produce independent forecasts for devolved Welsh taxes alongside its Draft Budgets.
Our 2024 Welsh taxes outlook (WTO) was published alongside the Welsh Government’s Draft Budget for 2025-26 and sets out our forecast for each of the devolved Welsh taxes: Welsh rates of income tax, land transaction tax and landfill disposal tax.