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Anarchy in the UK . . . . the tax system

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The referendum is due to take place in Sept 2014 & then the face of the UK could change. But from a tax perspective it already differs.

Following the Scotland Act 2012 various changes are already due to take place on 1st April 2015.

  1. In Scotland “stamp duty” is set to be replaced by “land & buildings transaction tax” – the latter working on the excess over a given threshold, rather than the whole amount when a threshold is exceeded.
  2.  Scottish landfill tax will replace UK landfill tax for disposals in Scotland.
  3. Income tax will be made up partly of a Scottish variable rate, with that part going to Scotland & the rest going to the UK. The tax liability will depend on where you are domiciled – Scotland or the rest of the UK.

But what if Scotland receives the “Yes” vote & splits from the UK? In that case its taxation will not be governed by HMRC but by Revenue Scotland & there will be a completely different Scottish tax system.

Complicated? It probably will be!

Martin Pope

http://www.theaccountingfactory.co.uk


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