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Newsletter issue – June 2024
If you’re a Scottish resident, you’re no doubt aware that from April a whole new band of tax has taken effect.
The new Advanced Income Tax band , coming in at a 45% rate , applies on annual income between £75,000 and £125,140. An additional 1p has also been added to the Top Rate of tax . It’s gone up from 47% to 48% for income over £125,140 .
The move, unsurprisingly, is not universally popular and it has triggered a new petition on the Government website to strip the Scottish Parliament of its powers to change income tax rates. Nearly 13,000 have signed so far.
Tax-altering powers were given to the Scottish Parliament as part of the Scotland Act 2012. But the campaign calls for change, which would bring tax in line with the rest of the UK and set by the British Parliament in Westminster.
Of course, with the General Election for the British Parliament in Westminster now set for 4 July, tax legislation is even more in the spotlight. Though elections for the Scottish Parliament are not happening at the same time, with the next set to take place in 2026.
The petition has already garnered enough support to mean it will receive an official government response, and if it reaches 100,000 would be considered for debate in the House of Commons.
If you’re a Scottish resident or business owner or you’re looking to relocate to Scotland and need help to understand the tax implications, do drop us a line.
