McTaggart also won the Val Barker Trophy at the 1956 Olympics for the best boxing style.
He moved to light-welterweight for the 1964 Olympics, but was beaten in the third bout to the eventual winner Jerzy Kulej.
Mctaggart won gold at the 1958 Commonwealth Games and silver at the 1962 Commonweath Games.
He won the British ABA title in 1956, 1958, 1960, 1963, and 1965, but resisted the lure of turning professional.
Mr Spence said: "He once said that boxing had basically been his hobby.
"He did say once he had been offered, I think it was in the 1950s, £1,000 by one promoter, which was a fortune in those days.
"He said at the time that he enjoyed boxing, but never wanted it to become his job."
After retiring, McTaggart was made an MBE in 1985 for services to amateur boxing in Scotland.
He latterly worked as a boxing coach, helping train the Scottish team at the 1986 and 1990 Commonweath games.
Mr Spence said: "He came from very impoverished circumstances.
"He gave copious amounts of time in later years to boxing clubs with young folk coming through the sport.
"I think he'll be remembered as a very humble and unassuming man, a real gentleman and a real sporting icon."
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