(CNN) -- An independent Scotland would retain Queen Elizabeth II as head of state, keep the pound sterling currency, and remain within the European Union, according to a policy document presented by Scotland's devolved government Tuesday. The release of the draft plan -- known as a white paper -- comes ahead of next year's referendum on independence from the United Kingdom of Great Britain and Northern Ireland. The September 18 2014 referendum will allow Scots a straight yes-or-no vote on staying in the union. If they vote yes, the country's first independent election would be held on May 5, 2016, according to the white paper.
@highlight
Scots are due to vote in a referendum for independence on September 18, 2014
@highlight
It could see Scotland leave the United Kingdom of Great Britain and Northern Ireland
@highlight
The Scottish government released a "blueprint" for an independent Scotland Tuesday
@highlight
The paper says Scotland would stay within the EU and retain the pound sterling and
United Kingdom
United Kingdom
The plan says over the past 32 years, Scotland has contributed more tax per head of population than the @placeholder as a whole and on independence would continue to have healthier public finances than the UK.
United Kingdom
United Kingdom
The plan says over the past 32 years, Scotland has contributed more tax per head of population than the UK as a whole and on independence would continue to have healthier public finances than the @placeholder.