Alexander Garden, chair of the CIOT’s Scottish Technical Committee, said: “A UK Budget on 11 March leaves MSPs with just a few days to react to changes made at Westminster and to agree what the rates and bands of Scottish Income Tax will be ahead of the start of the new tax year in April.

“This matters because if MSPs fail to reach an agreement – a scenario that could be seen as highly plausible in a parliament of minorities – Scotland would revert to the UK rates and bands of tax set by Westminster, effectively foregoing its ability to set its own income tax rates.

“There remains the chance that Derek Mackay could choose to go it alone and outline his plans before 11 March, but in this situation, he would be constrained by not knowing the true extent of Scotland’s fiscal picture.

“None of these scenarios are appealing and mean we are facing a Scottish budget process that will be conducted at breakneck speed, with little room for manoeuvre.”