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Massive changes to the income tax rates for 2018/19 have been announced by Scotland’s Finance Secretary, but how will these affect Scottish taxpayers and their employers, not just in Scotland but all over the UK. Read on to find out more. More or less tax? Scotland’s Finance Secretary previously declared he would cut the tax
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The Chancellor Philip Hammond presented the last Spring Budget on Wednesday 8 March 2017. Here we detail the key changes to both personal and business tax. Personal Tax – Key Points The personal allowance is currently £11,000. Legislation has already been enacted to increase the allowance to £11,500 for 2017/18. The basic rate of tax
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First Minister Nicola Sturgeon has announced plans that income tax rates in Scotland will be frozen, with no increases in the basic, higher or additional rates. However the significant cuts (reduction in income tax liabilities) which would result from the increases to the higher rate threshold proposed by the UK government would not be adopted
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Personal taxation The 40% income tax threshold will rise from £42,385 now to £45,000 in April 2017 Tax-free personal allowance to rise to £11,500 in April 2017, and £12,500 by 2020 Capital Gains Tax to be cut from 28% to 20%, and from 18% to 10% for basic-rate taxpayers 0.5% rise in insurance premium tax
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Today George Osborne will deliver his eighth budget since becoming Chancellor. It has been four months since his last report into the state of the UK’s finances, and since then growth has dipped and tax receipts are lower. On top of all this is the looming “Brexit” referendum, to decide Britain’s future in the European