Wales assumes full control of £1bn of business rates

An expert panel suggested radical reform of business rate relief in Wales was best avoided initially

The first new tax powers have been transferred to Wales, with the devolution of full control of business rates, worth nearly £1bn a year.

Finance Minister Jane Hutt said it gave ministers "new flexibilities" with an "important economic lever".

The small business rate relief scheme will remain similar to England's for at least a year, ministers have said.

Control of stamp duty land tax and landfill tax are due to pass to Wales in April 2018.

AMs also have the power to call a referendum on devolving some income tax varying powers.