The people of Scotland will vote with their hearts and minds on the 18th of September 2014.  It is for them to decide the future of their country.

Between now and then politicians, commentators and the media will contribute to the debate.  This will reflect the changing economic, social and political landscape in Scotland, the UK and beyond.

From a position of impartiality, we at Burness Paull look at some of the issues that could impact on our clients.  We ask questions, dissect assumptions, speculate, and suggest answers.

Scotland is a great place to do business.

It is strong in natural resources, has a talented workforce, a highly regarded education system and excellent communications.  It is attractive to both private equity and corporates and has seen increased levels of overseas investment.  And it's a great place to live.

To assist businesses and investors assessing the practical implications of the referendum process, we have created an e-book that sets out our views on the key FAQs:

• What are the responsibilities of the Scottish and UK parliaments? 
• If Scotland votes for independence, what will the scheduled timetable be?
• How would Oil & Gas resources be split?
• Would UK national debt be apportioned and, if so, how?
• Would there be any impact on pensions?
• Could, or would, Scotland remain in the EU?
• Currency in an independent Scotland – Sterling? Euro? Groat?
• What would happen to Scottish based banks?
• How would an independent Scotland be regulated?
• What are the tax implications for an independent Scotland?
• What is the current business environment in the run up to Referendum?

Overriding the answers to all of these questions is the fact that the institutional, financial and regulatory shape of an independent Scotland will not be known prior to the Referendum.  These matters would, following a “Yes” vote, be determined through negotiation between the Scottish and remaining UK governments, and the EU and other interested institutions.

“It’s really important that there be an honest effort to list the consequences of this vote" Bill Clinton, Edinburgh, June 2013

To read the ebook please click here. 

Mark Ellis
Partner

Philip Rodney
Chairman