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The devolution revolution
Key points
- Following the latest Scottish Budget announcement no Scottish taxpayers will see any kind of reduction in income tax but those earning over £125 140 will see the largest increase per head.
- The freezing of the Scottish higher rate threshold at £43 663 highlights the enduring nature of the so-called ‘NICs anomaly’ affecting so-called ‘middle income’ earners (earning £40-55 000 per annum).
- An even more punitive effective rate of tax of 63% now exists in Scotland (compared to a 60% at the same level of earnings in the rest of the UK) for earnings between £100 000 and £125 140.
- Scottish sole trader or partnership businesses will suffer additional income tax charges arising from these measures.
- In the latest Scottish Budget announcement the land and buildings transaction tax residential and non-residential thresholds were frozen; and the additional dwelling supplement increased from 4% to 6% with effect...
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