The Scotland Act 2012 represents the largest ever transfer of fiscal powers from Westminster to the devolved Scottish Parliament.
The powers it creates are outlined in Part 3 of the Act and include:
- a new Scottish rate of income tax
- giving Scottish ministers borrowing powers
- the power to create new devolved taxes by a process of agreement between both governments
- enabling the replacement of UK Stamp Duty land tax with a new Scottish tax on land transactions
- enabling the replacement of UK landfill tax with a new Scottish tax on disposals to landfill
This report looks at the progress made so far in putting these measures into effect.