Independence: a taxing issue

Dear Editor Re my letter ‘More than about oil’ (News, July 20). I can confirm that some of the figures I quoted on deficit / GDP were incorrect, this is because I was working from the wrong data.

This was not deliberate and I can only apologise to the readers.

To cut our deficit, independence would be appropriate because the ever cautious IFS said that “it might improve Scotland’s finances and cut its debt by negotiating a deal with the UK that would see its economy grow faster than within the UK, with more freedom to tax and spend differently”.

In 2012-13, 9.1 per cent of UK tax revenue came from Scotland but our population was only 8.3 per cent of the UK, Scots paid £10,000 per head but the UK paid £9200.

Holyrood produced statistical evidence that this had been happening for 33 years. After independence all taxes will be paid to Holyrood.

A study by experts at the University of Aberdeen concluded that If North Sea oil and gas were split on the existing geographic share of North Sea fishery boundaries we would receive 84.2 per cent of the tax revenues, further enhancing our tax receipts.

The UK may ask for a percentage of population share, but as we were exiting the UK it would be inappropriate and wouldn’t pass scrutiny if it were referred to the UN.

I would also expect Holyrood to set up an oil fund to allow for any fluctuations in oil prices.