Scotland Votes No
Scotland has rejected independence: a disappointment for Alex Salmond and the YES campaign. The markets have rallied on the greater certainty of a NO vote, but the rejection of independence does not mean a return to the status quo. Further devolution of powers to Edinburgh has been promised during the campaign, with both sides this morning calling for swift implementation.
The natural consequence would appear to be a level of devolution for England too: watch this space.
From a tax perspective, Scotland already has a number devolved tax raising powers (including the right to vary the income tax rate) and Revenue Scotland (a Scottish HMRC) will become operative within the next few weeks. Stamp Duty Land Tax will be replaced for Scottish land, from April 2015, by the Land and Buildings Transaction Tax.
This morning, the UK does not face the fundamental constitutional change of Scottish independence, but still faces the challenge and opportunity of further devolution, not just for Scotland, but for the other members of the Union too.
Please contact Katharine Arthur, Head of Tax and member of ICAS Tax Committee, for further information.