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A beginner’s guide to the Scotland Act 2012

A beginner’s guide to the Scotland Act 2012. Alison Cumming, Head of Tax Policy CIPFA Scotland Conference 7 March 2014. Scotland Act 2012. A principled approach to tax. Devolved taxes. Revenue Scotland and Tax Powers Bill. Land and Buildings Transaction Tax Act. Landfill Tax Act.

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A beginner’s guide to the Scotland Act 2012

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  1. A beginner’s guide to the Scotland Act 2012

    Alison Cumming, Head of Tax Policy CIPFA Scotland Conference 7 March 2014
  2. Scotland Act 2012
  3. A principled approach to tax
  4. Devolved taxes Revenue Scotland and Tax Powers Bill Land and Buildings Transaction Tax Act Landfill Tax Act Any future taxes… N.B. UK Tax legislation will not apply to devolved taxes
  5. The role of Revenue Scotland
  6. Scottish Rate of Income Tax The Scottish Additional Rate The Scottish Higher Rate The Scottish Rate The Scottish Basic Rate
  7. Capital and revenue borrowing powers Scottish Government will be able to borrow up to aggregate of £2.2 bn to support capital spending Annual amount limited to 10% of Capital budget (around £300m) Borrowing via National Loans Fund, commercial banks and recent HMT announcement on power to issue bonds Can also borrow up to £500m for revenue purposes – smoothing receipts etc With effect from April 2015
  8. Fiscal autonomy – Implications of Scotland Act 2012 Source: Government Expenditure and Revenue Scotland 2011/12
  9. Timeline LBTT and Landfill Tax Capital Borrowing SRIT (transition) SRIT (full) Budget Bill Budget Bill Budget Bill Budget Bill Budget Bill Budget Bill UK SR2013 UK Election Scottish Election Referendum UK SR2015?

  10. Questions?

    Email: alison.cumming@scotland.gsi.gov.uk
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