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Flower of Scotland
KEY POINTS
- Scotland Act 1998 provided the power to vary the basic rate of income tax.
- Revenue Scotland and the Scottish tax tribunals were established by the RSTPA 2014.
- Only Scottish landfill tax and land and buildings transaction tax are fully devolved.
- Unlike in the rest of the UK in Scotland the higher rate income tax threshold will be restricted to £43 000.
- Effect of devolving some taxes to Wales and Northern Ireland.
Until now Scotland’s tax rates have remained consistent with those in the UK. But in his draft Budget on 15 December 2016 Scottish finance secretary Derek Mackay signalled that this may change when he proposed a reduced higher rate threshold for Scottish income taxpayers.
This announcement in what was otherwise a relatively bland...
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