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/news/uk-scotland-scotland-politics-27485018

The article has changed 5 times. There is an RSS feed of changes available.

Version 0 Version 1
Scottish independence: ICAS calls for more detail on post-Yes tax costs Scottish independence: ICAS calls for more detail on post-Yes tax costs
(35 minutes later)
A financial body has called for more information on the cost of setting up a new taxation system in the event of Scottish independence.A financial body has called for more information on the cost of setting up a new taxation system in the event of Scottish independence.
The Institute of Chartered Accountants Scotland (ICAS) said the Scottish government's blueprint for a "Yes" vote contained "very little detail on tax".The Institute of Chartered Accountants Scotland (ICAS) said the Scottish government's blueprint for a "Yes" vote contained "very little detail on tax".
But Holyrood ministers have said independence would create an opportunity for a simpler tax system.But Holyrood ministers have said independence would create an opportunity for a simpler tax system.
People in Scotland go to the polls in September to vote in the referendum.People in Scotland go to the polls in September to vote in the referendum.
They will be asked the Yes/No question: "Should Scotland be an independent country?".They will be asked the Yes/No question: "Should Scotland be an independent country?".
ICAS has been looking at financial issues linked to the referendum debate, including pensions.ICAS has been looking at financial issues linked to the referendum debate, including pensions.
'Transitional period''Transitional period'
Its latest analysis focuses on taxation in an independent Scotland.Its latest analysis focuses on taxation in an independent Scotland.
The organisation's director of taxation, Elspeth Orcharton, said: "What it is really going to cost and how it is to be paid for is the question that still needs to be answered."The organisation's director of taxation, Elspeth Orcharton, said: "What it is really going to cost and how it is to be paid for is the question that still needs to be answered."
The Scottish government's White Paper on independence - which was published last November - described the existing UK tax code as "complex and inefficient".The Scottish government's White Paper on independence - which was published last November - described the existing UK tax code as "complex and inefficient".
It insisted that independence would create the ability to design a simple and transparent system.It insisted that independence would create the ability to design a simple and transparent system.
The paper proposed a "transitional period" during which the current functions of HMRC are "continued in Scotland and the rest of the UK on a shared services basis".The paper proposed a "transitional period" during which the current functions of HMRC are "continued in Scotland and the rest of the UK on a shared services basis".
However, ICAS said the document had fallen far short of "the informative and detailed financial memorandum that might be expected to accompany even the smallest piece of parliamentary legislation at Holyrood or Westminster at the moment".However, ICAS said the document had fallen far short of "the informative and detailed financial memorandum that might be expected to accompany even the smallest piece of parliamentary legislation at Holyrood or Westminster at the moment".
One-off costs
ICAS, which said it was "apolitical" and would "not take a stand for or against" independence, said the transition costs - the one-off costs to set up a new tax system in Scotland - had yet to be fully explored or explained.
Its report examined the potential for redesigning Scotland's tax system, taking into account that income tax was presently the UK's "single biggest source of tax revenue" followed by VAT and national insurance contributions.
It said that income tax accounted for a lower percentage of total tax receipts in Scotland with the top 1% of UK taxpayers contributing 25% of income tax compared with the top 1% of Scotland's taxpayers contributing 17%.
ICAS assessed there was little scope for raising significant sums of money from increasing the 50% rate of tax, which applies to 13,000 Scottish taxpayers.
It calculated that "another 10% on the top rate" might raise about £240m or less than 0.4% of public spending, even assuming higher-rate taxpayers do not leave Scotland or find others ways to avoid paying more tax.