30th October 2014
The outcome of the Independence Referendum in Scotland was a good one for us and although we are getting tax rate setting powers, we will remain as part of the UK tax system. It means we don’t have to study too many new tax laws!
The Scotland Act 2012 gives the Scottish Parliament the power to set a Scottish rate of income tax to be administered by HM Revenue & Customs (HMRC) for Scottish taxpayers. It is expected to apply from April 2016 but that may change dependent upon what tax rules are actually devolved to Scotland.
Jeffrey Crawford & Co