We offer a range of high quality accounting, financial and business services in and around Milton Keynes.

Finance Secretary for Scotland announces income tax changes in Scottish Budget

15 Dec 2017

In his draft Budget, Derek Mackay, the Finance Secretary for Scotland, has unveiled a series of changes to the Scottish income tax rates and bands.

Mr Mackay used the Scottish Budget to confirm an increase in income tax rates for higher earners, together with the introduction of two new income tax bands.  

The changes will see the higher rate of income tax increase from 40p to 41p, with the top rate rising from 45p to 46p.

Meanwhile, those earning more than £24,000 a year will be taxed under a new 21p band, and a ‘starter’ rate of 19p will also be introduced.

In addition, the Finance Secretary confirmed that Land and Buildings Transaction Tax (LBTT) will be maintained at its current rates, and announced the introduction of a new relief for first-time homebuyers purchasing property worth up to £175,000 in Scotland.

Commenting on the Scottish Budget announcements made by Mr Mackay, Hugh Aitken, Director of the Confederation of British Industry in Scotland (CBI Scotland), stated: ‘By putting productivity at the heart of the Budget, it’s clear that Derek Mackay has listened to organisations like the CBI that have said consistently that boosting productivity is the only sure-fire way to grow our economy, generate the revenues we need for quality, sustainable public services and raise living standards.

‘But things aren’t all rosy – the prospect of income tax rises and added complexity in Scotland’s tax code will be a bitter pill to swallow.’

The Scottish Budget announcements can be read in full here.

Register

Why not register to receive our monthly newswire? This is packed full of essential business news and handy tax tips to help save you money.

Learn more

Tax Calendar

Our handy tax calendar provides an overview of the key tax dates for your diary.

Learn more

Calculators

B2B’s interactive tax calculators can be used to calculate VAT due, the taxable benefits on your company car and how much your savings are worth.

Learn more

Home | About us | Contact us | Logon | Register | Accessibility | Disclaimer | Help | Site map |

© 2024 B2B Business Advisors Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Chartered Tax Adviser

Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.