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More tax powers for Scotland if independence gets “no” vote

Each leader from the three major political parties has pledged that new legal and tax powers will be granted to Scotland if Scottish independence is voted against in the upcoming referendum.

Ed Miliband, David Cameron, and deputy PM Nick Clegg have put pen to paper on a statement that will give increased tax-raising control to Holyrood as quickly as is feasible after the 2015 general election.

It has already been decided that Scotland will be given the power to modify the basic income tax rate over 10p in the pound, as of 2016, as well as to be in charge of a number of minor taxes, including stamp duty. As part of the pledge, Scotland would be granted an extension of these powers.

The Conservative party said that Scotland would receive total income tax control. Labour would permit Holyrood to make 15p maximum modifications to the basic tax rate. The Lib Dems would implement a system that would see Scottish parliament granted fiscal powers.

The declaration stated:

“We support a strong Scottish Parliament in a strong United Kingdom and we support the further strengthening of the Parliament’s powers.”

Scotland may soon see changes to its tax laws either way, but the tax laws in England remain. However, that doesn’t mean that the system isn’t any less complex, which is why an accountant in the Wirral is frequently called upon to ensure that local businesses have their books up to date and stay on the right side of HMRC.

Posted by Louise
August 19, 2014
HMRC

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