For our Scottish friends link to the 28 pages Smith Commission report published today:
http://news.bbc.co.uk/1/shared..._smithcommission.pdf
I had a look at the tax side of the proposals as to whether it could have any effect on my clients. It doesn't look as if it does.
It seems that Scottish income tax will be paid based on people's main place of residence rather than where they work. No mention of what happens to someone who moves to or from Scotland during the course of a tax year. That's one complication not yet resolved as far as I know.
No change to national insurance system, capital gains tax or inheritance tax,
Corporation tax doesn't change. That's a relief as that really could have made life complicated for accountants.
There is a change in the way that VAT receipts are shared but that seems to be dealt with at government level rather than how businesses deal with VAT. Part of the VAT receipts will go to the Scottish government but it will affect the block grant got from the UK government. I can see that getting rather messy and I can see there's the prospect of something happening similar to what recently happened when Brussels charged the UK more money as the UK had done better then expected.
Thanks for the link, I'll have a read through later tonight.