icLanarkshire - Swinney will discuss tax powers
icLanarkshire logo
icLanarkshire AC Advertiser EK News Hamilton Ad Reformer Wishaw Press
Search icLanarkshire for:


Swinney will discuss tax powers

04:25, Sep 5 2012

 

Finance Secretary John Swinney is set to appear before MSPs investigating new tax powers as part of an agreed transfer of responsibility from Westminster.

The Finance Committee will scrutinise the implementation of the Scottish rate of income tax and borrowing powers, as well as taxes on landfill and property transactions, contained in the Scotland Act this year.

It is expected Mr Swinney will use the meeting to update the committee on plans for a new tax system

The Scottish Government has already consulted on proposals for a land and buildings transaction tax and will shortly consult on plans for a landfill tax. The Scotland Act, passed by both Holyrood and Westminster, devolves power for these to Holyrood from 2015.

The Act also provides for the income tax rate north of the border to be reduced by 10%, with the Scottish Parliament then responsible to bring it back up or make variations. The power is expected to come into force in April 2016, just before the next Holyrood election.

Borrowing limits will be increased, giving ministers the power to raise up to £2.2 billion to fund capital expenditure from April 2015.

 

Top Top | Back Back |

E-mail to a friend | Printable version

 

 


Copyright and Trade Mark Notice
© 2013 owned by or licensed to Scottish & Universal Newspapers Limited.
icLanarkshire™ is a trade mark of Scottish & Universal Newspapers Limited.
Please read our Terms and Conditions and Privacy Statement before using this site.
 

Jobs in Scotland: