John Swinney to brief MSPs on new tax powers for Scottish Parliament

Finance Secretary John Swinney will appear before MSPs investigating new tax powers as part of an agreed transfer of responsibility from Westminster.

• New powers come into force in 2015

• Swinney expected to use meeting to reveal new tax system plans

The new Scottish rate of income tax, along with borrowing powers, and taxes on landfill and property transactions, will come under scrutiny by the Finance Committee

It is thought Mr Swinney will take the opportunity to brief the committee on plans for a new tax system

The Scottish Government has already consulted on proposals for a land and buildings transaction tax and will shortly consult on plans for a landfill tax. The Scotland Act, passed by both Holyrood and Westminster, devolves power for these to Holyrood from 2015.

The Act also provides for the income tax rate north of the border to be reduced by 10%, with the Scottish Parliament then responsible to bring it back up or make variations. The power is expected to come into force in April 2016, just before the next Holyrood election.

Borrowing limits will be increased, giving ministers the power to raise up to £2.2 billion to fund capital expenditure from April 2015.