Lost amid much of the commentary on Kwasi Kwarteng’s income tax and stamp duty cuts is that they will not apply to Scotland. Income tax is largely devolved to Holyrood, as is stamp duty, or land and buildings transaction tax as it is now known north of the border. The Barnett formula, the fiscal mechanism by which the Scottish government is funded, means the devolved administration will be given an additional £630 million as a result of the Chancellor’s new measures.