Many of the major retail banks claim they would re-domicile if Scotland gain independence. Banks such as TSB, Tesco Bank, Clydesdale Bank and even the Royal Bank of Scotland all believe that the tax efficiencies of a English economy would outweigh those of an independent Scottish one.<br><br>Tax Policy Director of the CIOT, Patrick Stevens, was quoted as saying, large companies typically "re-domicile" to take advantage of perks offered by a certain country's tax regimes.<br><br>As with non-domiciled high net worth individuals, companies benefit from having their “home” in the most stable and tax efficient economies. With the corporation rate dropping to 20% in the United Kingdom in 2015, many believe that the UK is the place to be when it comes to foreign investment in Europe.<br><br>It is worth noting that in the UK, when a holding company distributes profits as dividends to shareholders, the company does not pay tax on the profits, unlike in the US.<br><br>If Scotland becomes independent it will have the same friendly regime as the rest of the UK, however, many believe that the two parallel sets of rules would diverge over time.<br><br>On the flip side, some people believe there will be no change and even that an independent Scotland will be more attractive.<br><br>If this is the case, why are the banks looking to leave?<br><br>This is probably due to much needed alliances with a government that would be more likely to bail them out in the wake of another financial disaster. Would an independent Scotland be able to intervene as Westminster did with RBS? Many think not, and it looks like they are voting with their feet.<br><br>As well as the loss of large sums of corporation tax heading south, so will hundreds of jobs. Or will it?<br><br>RBS said that such a move may not require the upheaval of buildings and staff as it will merely shift the group tax residency from Edinburgh to London.<br><br>What is always certain, is that large financial institutions will do everything they can to ensure tax efficiencies and the largest pay outs to shareholders. I am not having a pop at bankers here, this is just business.<br><br>This is going to be a very interesting week in the history of the United Kingdom and could have a major impact on people and businesses from Land’s End to John O’Groats.<br><br>Article was brought to you by www.careersinpractice.com - The home of tax jobs, legal jobs, accountancy jobs and practice news! <a href="http://www.careersinpractice.com/latest-news-scottish-yes-vote">website</a>