Scottish parliament to discuss tax powers

by Calum Fuller

More from this author

05 Sep 2012

  • Comments
john swinney

A TRANSFER OF TAX POWERS is set to be discussed in Scottish parliament after devolution of tax rights was included in the Scotland Act earlier this year.

The Finance Committee is to examine the implementation of a Scottish rate of income tax, borrowing powers and taxes on landfill and property transactions.

Finance secretary John Swinney (pictured) is expected to use the meeting as an opportunity to update the committee on plans for a new tax system, reports the Press Association.

Swinney announced in June that Holyrood will set up its own tax agency called Revenue Scotland after HM Revenue & Customs warned it had no obligation to enact taxes levied from Edinburgh if they deviated too greatly from taxes in the rest of the UK.

Holyrood has already consulted on proposals for a land and buildings transaction tax, with a landfill tax consultation due soon. The Scotland Act, passed by both Westminster and Edinburgh, devolves powers on those taxes to Scotland from 2015.

The act also allows for income tax in Scotland to be reduced by 10% from 2016, with the Scottish parliament responsible for variations thereafter.

Borrowing limits will also be increased, with MSPs able to raise up to £2.2bn for capital expenditure, from April 2015.

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Manager / Senior Accountant - ACA or ACCA Qualified

WavelengthWavelength - Northampton - c£35K - £42K

 
 
 
 
 
 
 
 

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.