Four days before the poll, former Labour PM Gordon Brown made a series of promises to the Scottish electorate which he said were supported by the leaders of the three main UK parties – Conservative, Labour and Liberal Democrat. These included more tax powers to be devolved to Scotland, as well as a greater say for the Scottish parliament over spending and welfare policies.

Speaking early this morning after news of a victory for the No campaign, Cameron made it clear that these promises would still be kept. Cameron said: ‘The three political parties made a clear commitment on future powers and we will endeavour to honour these in full.

He stressed the importance of a 'balanced settlement for Scotland that is fair for the rest of the UK' and called for cross-party support.

Cameron announced he had asked Lord Smith of Kelvin, who has previously worked for the Financial Services Authority (FSA) and is a member of the Financial Reporting Council (FRC), to oversee a development committee which will take the proposals forward. Lord Smith is chairman of a number of UK listed companies and an ICAS CA an accountant and ICAS past-president .

The Cabinet Office will be the lead on setting up the new devolution committee and is expected to issue details of the members shortly.

The prime minister acknowledged that the timetable for introducing new devolved powers to Scotland is ambitious. A command paper on the plans is to be published in November, while draft legislation is scheduled for release by Burns Night, 25 January 2015.

The additional devolved tax powers will be subject to debate and consultation before any legislation is set down. 

There had been considerable speculation as to whether the government would honour the pledges given by Brown, which were widely viewed as being made very hastily in response to fears that the No campaign was in danger of losing the referendum.

Speaking early today before Cameron’s announcement,  when the 45% Yes and 55% No result became clear, SNP leader and Scotland's first minister Alex Salmond  said he expected the pledges to be honoured ‘in rapid course - as a reminder we have been promised a second reading of a Scotland Bill by 27 March next year'.

Salmond added: ‘I pledge to work constructively in the interests of Scotland and the rest of the United Kingdom.’

The passing of the Scotland Act 2012 has paved the way for changes in the Scottish system of taxation. The Revenue Scotland and Tax Powers Bill, passed in August this year, gives the Scottish Parliament a limited ability to vary income tax rates, as well as full control over Land and Buildings Transaction Tax (LBTT), which is a new, more progressive tax replacing Stamp Duty Land Tax (SDLT) and the Scottish Landfill Tax (SLfT). Together these two taxes raise about £400m per year.

Revenue Scotland is due to launch its website in October, and under current plans by 1 February 2015 tax agents will be able to register online to submit tax returns for LBTT and SLfT. Collection of the two new taxes starts from 1 April 2015.

From 1 April 2016 the Scottish rate of income tax (SRIT) will be introduced, but under current plans this will be operated and administered by HMRC, rather than Revenue Scotland. 

Whereas previously, the Scottish parliament is responsible for just 7% of taxes raised in Scotland, the new tax powers already agreed will increase this to around 15%.