The Welsh Revenue Authority (WRA) has published its Annual Report and Accounts 2021 to 2022, reporting a total of more than £400 million raised from Land Transaction Tax (LTT) and Landfill Disposals Tax (LDT) transactions.
During the year, the WRA managed record levels of tax and processed its highest number of tax returns to date, totalling more than 68,800. A total of 98.4% of tax returns were filed on time, with almost 99% of transactions filed digitally.
Other performance highlights:
- Surpassed the £1 billion tax revenue mark (since starting to manage tax in April 2018)
- Recovered an additional £1.6 million from tax interventions and disclosures, where the right tax was not paid at the right time
- Received positive feedback from users with 92% finding the tax authority’s services easy to use
- Ranked in the top 3 across more than 100 employers in the annual Civil Service People Survey
Kathryn Bishop, Chair of the WRA, said:
Our annual report and accounts show the strong progress we have made this year.
Despite the continuing difficulties of coronavirus (COVID-19), we have seen the beginning of the recovery process from pandemic constraints. We have surpassed the £1 billion mark for revenue raised since we became fully operational as a tax authority in April 2018 – and this is a major milestone for us.
I’m proud of what we’ve achieved in this chapter of our history. We can now see evidence that our innovative Welsh way of doing tax is the right approach in raising vital revenue to support public services across Wales.
Dyfed Alsop, Chief Executive of the WRA, said:
We collected more tax and managed higher volumes of transactions marking a record year for us so far, as certain COVID-19 restrictions relating to the housing market eased.
Throughout the pandemic, we’ve prioritised supporting our customers, as well as our people. We maintained our supportive approach to managing tax, helping people to pay the right tax at the right time. As a result, the levels of transactions submitted right first time remained high at around the 98% mark again in the year.
We grew our knowledge of tax risk, an approach we use to identify higher risk areas where the tax may not be paid correctly, based on data and insight. We’ll further explore this approach next year as we continue to support the Welsh Government’s work developing new taxes for Wales.
The Welsh Revenue Authority recently published its latest Corporate Plan for 2022 to 2025.