Westminister chooses Scotland's National Day to hand over tax-raising powers to Holyrood

Scotland was described as one of the most powerful devolved governments in the world Wednesday when it was officially given its own tax raising powers.

Westminster chose St Andrew's Day, Scotland's national day, to see the major milestone in the transfer of 15 billion U.S. dollars worth of income tax powers from Westminster to Holyrood.

The Scottish Office said in a statement: "Today the UK Government will make the formal Parliamentary orders which confirm that landmark new income tax powers will transfer to the Scottish Parliament. As a result, from April next year, Holyrood will control income tax rates and thresholds."

The Scottish Secretary David Mundell said: "The Scottish Government will now have unprecedented power to shape the economy of Scotland. Crucially, for the first time, it will not only have to account to the people of Scotland for the money it spends, but also for the money it plans to raise."

The move comes two years on from the publication a report by a parliamentary commission following the 2014 independence referendum when the people of Scotland voted to remain as part of Great Britain rather than have total independence. The commission recommended which powers should transfer to Holyrood from Westminster.

It means the Scottish Government in Edinburgh will from April 2017 have the power to set its own income tax rates. In Britain these range from 20 percent to 45 percent.

Holyrood will also have power to fix its own income tax thresholds at which people start to pay any income tax. In Britain these currently start at 11,000 pounds (13,728 U.S. dollars). Endit