This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/uk-scotland-14536470
The article has changed 6 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| John Swinney to detail Scottish Corporation tax plans | John Swinney to detail Scottish Corporation tax plans |
| (about 7 hours later) | |
| The Scottish government is to unveil its plans on taking control of corporation tax. | The Scottish government is to unveil its plans on taking control of corporation tax. |
| Finance Secretary John Swinney will confirm a move to lower the headline rate of business tax and to give tax breaks to small firms. | Finance Secretary John Swinney will confirm a move to lower the headline rate of business tax and to give tax breaks to small firms. |
| Excluding north sea oil, corporation tax generated £2.6bn in revenue for Scotland in the year to 2010. | Excluding north sea oil, corporation tax generated £2.6bn in revenue for Scotland in the year to 2010. |
| But Mr Swinney sees making a reduction in the charge as a way to add fresh revenue and attract new businesses. | But Mr Swinney sees making a reduction in the charge as a way to add fresh revenue and attract new businesses. |
| He believes the move could create jobs, improve living standards and encourage economic growth. | He believes the move could create jobs, improve living standards and encourage economic growth. |
| Mr Swinney has been backed by some businesses leaders, including Jim McColl. | Mr Swinney has been backed by some businesses leaders, including Jim McColl. |
| However, the Institute of Chartered Accountants in Scotland said that changes to the rate of corporation tax - the main rate currently stands at 26% - could leave the government short of money to fund public services. | However, the Institute of Chartered Accountants in Scotland said that changes to the rate of corporation tax - the main rate currently stands at 26% - could leave the government short of money to fund public services. |
| In addition, it could start a tit-for-tat war over corporation tax rates with the other home nations. | In addition, it could start a tit-for-tat war over corporation tax rates with the other home nations. |
| 'Don't add up' | 'Don't add up' |
| Scottish Labour's finance spokesperson Richard Baker said: "It is all very well calling for new powers but the focus should be on boosting the Scottish economy, not a power grab by ministers. | Scottish Labour's finance spokesperson Richard Baker said: "It is all very well calling for new powers but the focus should be on boosting the Scottish economy, not a power grab by ministers. |
| "The SNP have many questions still to answer on this proposal. Corporation Tax is already being cut across the UK. | "The SNP have many questions still to answer on this proposal. Corporation Tax is already being cut across the UK. |
| "The SNP seem to argue that we can have lower taxes and higher investment in public services, and these sums just don't add up." | "The SNP seem to argue that we can have lower taxes and higher investment in public services, and these sums just don't add up." |
| The UK Treasury is considering whether to devolve control of corporation tax to Northern Ireland, given its unique position in sharing a land border with the Republic of Ireland - where the levy is set at 12.5%. | |
| The Scottish government wants the same powers included in the Scotland Bill, currently going through Westminster. | The Scottish government wants the same powers included in the Scotland Bill, currently going through Westminster. |