THE LEADERS of the three main political parties have promised that Scotland will be granted new tax and legal powers if there is a no vote in the referendum on Scottish independence.
David Cameron yesterday signed a joint statement along with Ed Miliband, the Labour leader, and deputy prime minister Nick Clegg, that will give Holyrood more tax raising powers “as swiftly as possible” after next year’s general election.
Scotland is already due to gain power to alter the basic rate of income tax above 10p in the pound from 2016, and to take charge of some minor taxes such as stamp duty, under the Scotland Act 2012. Control over these powers would be extended under the pledge.
The Conservatives said they would give Scotland full control of income tax. Labour would allow Holyrood to vary the basic rate of tax by 15p, while the Liberal Democrats support a system that would hand fiscal powers to the Scottish parliament.
The declaration was signed ahead of yesterday’s TV debate between Scottish first minister Alex Salmond and Alistair Darling, the former Labour chancellor who heads the Better Together campaign.
“We support a strong Scottish Parliament in a strong United Kingdom and we support the further strengthening of the Parliament’s powers,” the declaration stated.
HMRC has outlined a change in VAT policy to the treatment of dwellings that have been formed from either the construction of new buildings, or from the conversion of non-residential buildings
Let us hope that valuable asset protection vehicles are not made prohibitively burdensome or abolished in the desire to “simplify” IHT
The government is pressing ahead with changes to the way it taxes individuals with a foreign domicile
I will feel slightly awkward when I write to the client who is about to receive a large invoice from the PAYE expert, offering him the fee protection going forward