WALES' plans for managing its first tax-raising powers since 1283 were discussed today by finance minister Jane Hutt AM.

The Welsh Assembly is set to get the power to manage stamp duty land tax, landfill tax and business rates from 2018.

A revenue body to oversee the new powers and ensure taxes are collected will be set up, as well as a taxpayers’ charter to resolve disputes and make clear the responsibilities of citizens and authorities, she said.

A white paper detailing the new powers was published today.

Ms Hutt said the plans would now go to a public consultation with a bill due to be published in July.

She said: “This will be the first Welsh tax legislation in modern times and is both historic and significant for Wales. Uniquely for the Welsh Government and National Assembly, we will have the ability to develop taxes which are shaped to the needs and priorities of Wales.”

Ms Hutt said the new taxes would be fair to businesses and individuals, would not be overly complicated and would support growth and jobs.

Nick Ramsay, AM for Monmouth, stressed the importance of being ready by the time the powers are brought in: “The worst outcome would be a loss of face in the new office in its early days. This is clearly uncharted territory for the Assembly - we have very little experience beyond local authorities when it comes to the challenges of collecting taxes. Scotland is clearly some way ahead of us in this area.

“2018 is not far away. Are you confident this can be met? If you’ll pardon the pun, we really can’t afford to get this wrong.”

Currently the Welsh Government gets its money in a settlement from the UK government and cannot raise its own taxes or borrow money.

But after recommendations from the Silk Commission inquiry last November, more powers will be devolved to Wales.