In September 2014, Royal Bank of Scotland announced that they would move their headquarters to London in the event of a Yes vote in the Scottish referendum. Whilst this move wouldn't affect day to day banking services in Scotland, there would be several major ramifications; the key issue being that the Scottish version of Royal Bank of Scotland would become a subsidiary to the London-based holding company. Therefore, tax would be paid chiefly through the London-based company, thus depriving Scotland of significant revenues. This would break a near 300-year period in which the Royal Bank of Scotland has been headquartered in Edinburgh.