Q&A: What you need to know about Scotland's vote

Yes or No? Scottish voters on Thursday will choose whether to continue their 307-year-old union with England or become a separate nation — the 31st formed since World War II.

If Scotland votes for independence, the United Kingdom (England, Scotland, Wales and Northern Ireland) will lose a third of its territory and 8% of its citizens. Population-wise, that's the equivalent of Texas seceding from the USA.

In 1999, the parliament in London started to transfer some powers to Scotland, Wales and Northern Ireland. In 2009, Scotland's parliament decided to go a giant step further by pushing for an independence vote. Two years ago, British Prime Minister David Cameron agreed to allow the referendum to take place because the case for independence seemed weak at the time.

Supporters of independence want direct control over their affairs. Scots tend to be left-leaning and chafe at the policies embraced by the ruling Conservative Party in London. In the most recent general election, just a single Conservative Party member was elected in Scotland. Scottish National Party (SNP) leader Alex Salmond says a free Scotland would be among the top 20 richest nations in the world.

Pro-unity advocates say being part of the United Kingdom gives Scotland a bigger say in world affairs through major alliances such as the European Union and NATO, in which a united nation has more clout. They also say continued union means more jobs, stronger financial services, continued use of the British pound and a tradition of partnership that goes back three centuries.

If Scotland votes for independence, when will that actually happen?

Scotland's political leaders have proposed independence day to be on March 24, 2016. The interim would allow for the transition to a new state — the need to renegotiate treaties, write a constitution, divide revenue and debts. There's the new flag to consider, too.