An overview of how the financial powers laid out in the Scotland Act 2012 have been implemented so far.
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.