Category: Scotland

Andy Wightman: ‘Land Reform Bill doesn’t do everything that has to be done … but it’s still an important moment’

THE publication by Parliament of the Land Reform Bill represents an important moment in the land reform debate. It is over a decade since the last one and in that time many long-standing issues have been neglected. The Scottish Government’s Land Reform Review Group, however, put land back on the… – Continue reading

North-East is becoming dustbin for Scotland’s rubbish, MP warns

THE North-East is becoming a “dustbin” for Scottish rubbish because of devolution, one of the region’s MPs has warned. Kevan Jones, the North Durham MP, said a “commendable” Scottish initiative to boost recycling had backfired by sending waste across the border instead, sometimes illegally. And he warned the problem was… – Continue reading

Focus will be on how ‘Scottish GAAR’ anti-avoidance rule works in practice as devolved taxes take effect, says expert

FOCUS: Now that the first devolved Scottish taxes have come into force, the rest of the UK will be watching with interest to see how new tax authority Revenue Scotland manages and deals with avoidance risks. Much of this interest will be on how the new Scottish General Anti-Avoidance Rule… – Continue reading

Signs of radical settlement for Scotland emerge after poll results

The Conservative majority alongside a nationalist landslide in Scotland reopened the question of powers for the Scottish government, raising the prospect that the Tories might offer Edinburgh full control over taxes and domestic expenditure. The first signs of a radical new settlement emerged on Friday when Boris Johnson, the London… – Continue reading

A tax headache is looming if Scotland gets more powers from Westminster

Most people have heard of the Organisation for Economic Co-operation and Development (OECD) and are probably aware it wants to make the world a “better” place. Its work is probably of little interest to most companies based in the UK. But this would change if constitutional arrangements between Scotland and… – Continue reading

Canada: Increasing Corporate Penalties And Risk Management (Update To “Seven Corporate Sins As A Source Of Government Revenue And Economic Stimulus”)

Introduction Soft commodity prices, divergent monetary policies across major economies, high unemployment rates and weak world trade have all conspired to slow down global economic recovery over the past seven years. Consequently, governments have had to cut spending as future revenues remain uncertain. This has led governments to look for… – Continue reading

Swiss banks suddenly preach transparency in U.S. tax evasion endgame

Swiss banks, for decades the bastions of secrecy, are preaching the virtue of transparency to their U.S. clients as they try to head off billions of dollars in potential fines for helping Americans evade taxes. Faced with the threat of penalties that could bankrupt some of them, almost 100 of… – Continue reading

Peter Jones: Ridiculous, dangerous, unworkable

The SNP’s much-vaunted plan for full fiscal autonomy would land Scotland with more austerity, not less, writes Peter Jones More and more, the SNP’s plans for Scotland to achieve full fiscal autonomy are looking ridiculous (contradictions abound everywhere), dangerous(savage cuts in public spending would be inevitable) and unworkable (gaps cannot… – Continue reading

Experts warn over tax devolution

Scottish Government must work closely with councils to ensure devolution of taxation powers to Scotland brings tax and welfare systems together, according to experts. The Chartered Institute of Taxation (CIOT) also warned draft legislation could have ‘unintended complexities’, leading to double taxation on foreign income and forcing more Scottish taxpayers… – Continue reading

European Banking Weekly Notes: HSBC, RBS and Barclays

European bank shares showed notable improvements in prices last week, benefiting from hopes of Greece evading a crisis coupled with continued strength in the U.S. dollar. Reports that Germany is looking to adopt a new law that will boost the capital position of the country’s banks helped Deutsche Bank (NYSE:DB)… – Continue reading

RBS Sells Coutts International to UBP in Swiss Retreat

(Bloomberg) — Royal Bank of Scotland Group Plc agreed to sell its Coutts International private banking business to Switzerland’s Union Bancaire Privee, as the bailed-out British lender retreats from the Swiss wealth market. RBS is expected to sell Coutts for 350 million francs ($360 million) to 400 million francs, depending… – Continue reading

Prime Minister pledges air passenger duty cut for North-East airports – if Scotland does the same

TAXES will be cut to protect vulnerable North-East airports if Scotland carries its pledge to cut charges, David Cameron pledges today (Friday, March 20). Speaking to The Northern Echo, the Prime Minister vowed that – if re-elected – he will not allow “unfair tax competition” that would hurt Newcastle and… – Continue reading

Scotland’s sticky finances

Scotland is running at a loss. And you’d be forgiven for also being at a loss about the conflicting use of statistics over just how much it’s in the red, or how badly. You can emphasise that tax paid in Scotland, and from its offshore oil and gas, was £400… – Continue reading

North East business and airport leaders concerned region to be made guinea pig for tax reforms

Chancellor George Osborne told MPs that allowing Scotland to vary air passenger duty could cost Newcastle 450,000 passengers Chancellor George Osborne has warned that Newcastle International Airport could lose 450,000 passengers if the region is made a guinea pig for air tax reform. Speaking to the Treasury Select Committee Mr… – Continue reading

Fears over tax loophole as Scottish independence could see thousands of wealthy people start claiming ‘non-domicile’ status

Non-doms would only have to have a father born in Scotland, expert warns Status only worthwhile for those with assets worth several million Scottish independence could see thousands of wealthy people start to claim ‘non-domicile’ tax status, experts predict. Mark Davies, a tax expert at website Nondom, said: ‘To claim… – Continue reading

Scottish Parliament passes legislation establishing Scotland’s first tax collection system for 300 years

Legislation which will establish and govern Scotland’s first tax collection system in 300 years has been passed by the Scottish Legislation which will establish and govern Scotland’s first tax collection system in 300 years has been passed by the Scottish Parliament.21 Aug 2014 The Revenue Scotland and Tax Powers Bill… – Continue reading