Scottish corporation tax remains a possibility
The chancellor announced new financial powers for Scotland, with an indication more may yet follow
The chancellor announced new financial powers for Scotland, with an indication more may yet follow
CHANCELLOR GEORGE OSBORNE indicated that Scotland could be given greater financial powers, raising the possibility of Holyrood being able to set its own corporation tax.
Osborne detailed new rules in a speech to Parliament yesterday that will allow the Scottish government to borrow money for national infrastructure projects, issue government bonds and use borrowings to cover cash shortfalls. He also indicated that Scotland could be granted even more powers in the future, suggesting there is still a chance that Scotland will see devolved corporate tax rate setting powers.
The rules announced yesterday are seen the largest transfer of financial and spending responsibilities between the UK and Scotland since the signing of the Act of Union in 1707. It is thought that the measures in the Scotland Bill as a whole will be worth £12bn more spending power for Scotland.
The measures already announced include allowing the Scottish government to alter national excise duties and change the personal income tax rate by 2%.
More about:
The numbers you crunch tell a story. Your expertis...
13yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleMarkets can be expected to respond positively to US policy changes on the horizon, according to investment director at a boutique investment business ...
View articlePanama Papers anonymous whistleblower 'John Doe' reaches out to government authorities, and has called on global powers to 'end financial secrecy' Rea...
View articleGeorge Osborne's Budget on 16 March had no discernible theme, write Robert Maas Read More...
View articleTreasury Committee will investigate the effectiveness of the UK corporate tax system Read More...
View articleTreasury Select Committee chairman Andrew Tyrie confirms investigation into UK's tax system following Google's £130m settlement with HMRC Read More...
View articleIntroduction of quarterly digital tax accounts for small businesses and self-employed gets parliamentary hearing Read More...
View articleFormer chief executive of lobby group the British Bankers' Association Angela Knight fields MPs' questions over her suitability to head the Office of ...
View articlePrior to becoming Permanent Secretary, Macpherson, was MD of the Budget and Public Finance Directorate Read More...
View article