The LTT bill is due to be published on 12 September. The 220 page document is the longest piece of legislation Welsh ministers have produced, and following scrutiny in the Welsh Assembly, is expected to receive Royal Assent in summer 2017.

Welsh ministers are due to set the rates for the LTT, which is expected to bring in around £250m a year, closer to the April 2018 start date.

There is also to be a new landfill disposals tax (LDT) which will replace landfill tax in Wales from April 2018. Details of this tax will be available later this year.

Alongside the LTT and LDR legislation, the Welsh government is introducing an anti-avoidance of devolved taxes bill, underlining its commitment to ensure the new regime is effective.

Mark Drakeford, Welsh cabinet secretary for finance and local government, said: ‘Taxpayers will be supported to help them pay the right amount of tax. Those who look to avoid their taxes will be challenged robustly – this is unacceptable because it reduces the funding available for our vital public services.’

The new Welsh Revenue Authority (WRA) becomes operational next year to collect and manage the newly devolved taxes. The Welsh government has said it will make arrangements to establish the WRA board, starting with the appointment of a chair, later in 2016.

The UK Parliament has legislated to enable the Welsh Assembly to introduce Welsh rates of income tax at some point in the future, and there is scope for other taxes to be devolved to Wales in the future. These could be existing UK taxes or new taxes created in Wales.