Thank you, Llywydd. The Amendment introduces a new section to the Bill, placing an expectation on the Welsh Government to make arrangements for an independent review of land transaction tax, and that this should be completed within six years to the day on which the tax comes into force. The amendment also places an expectation that the Government would publish a report in response to the conclusion of the independent review.

There is a precedent for such an independent review in terms of the Wales Act, and it is now common practice to conduct a review quite soon after legislation is fully implemented. In this case, where taxation powers are provided to the Welsh Government, it is crucial that an independent review should be held in order to evaluate its implementation and in order to ensure that the legislation is effectively meeting its purposes. The amendment develops on an amendment tabled by us during Stage 2 and places a requirement on the Welsh Government to respond to the independent review report. In recognising that we need to look at how the tax is implemented over longer than one year for any meaningful evaluation, I feel that a period of six years allows adequate time for the tax to become properly established and provides adequate time for a thorough review of it.