Source: The Scottish Government | 12/02/20
Public finance minister Kate Forbes delivered her first Budget statement to the Scottish Parliament on 6 February 2020. This followed the shock resignation of finance minister, Derek Mackay.
This is the first time that Scotland has held a Budget before the rest of the UK.
It was announced as part of the Scottish Budget that there would be no change in Income Tax rates and only a small change in the lower rate Income Tax thresholds. It was also announced that the higher rate threshold would be frozen at £43,430.
The proposed Scottish rates and bands for 2020-21 are as follows:
|Starter rate – 19%||£12,501* - £14,585|
|Basic rate – 20%||£14,586 - £25,158|
|Intermediate rate – 21%||£25,159 - £43,430|
|Higher rate – 41%||£43,431 - £150,000**|
|Additional rate – 46%||Above £150,000**|
* Assumes person is in receipt of the Standard £12,500 UK Personal Allowance
** Personal Allowance is reduced by £1 for every £2 earned over £100,000
The figures are subject to approval by the Scottish Parliament. For the vast majority of individuals, the question of whether or not they are defined as a Scottish taxpayer is a simple one – they will either live in Scotland and thus be a Scottish taxpayer or live elsewhere in the UK and not be a Scottish taxpayer.
With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!
Some accountancy websites also provide pages and pages of tax information, helpsheets, etc. We prefer to give clients personally tailored advice. So, if you want details of tax rates and allowances just go to the HMRC website on which you should find what you’re looking for. If you need more individual advice please contact us.
Below are links to websites you may find of interest, but as we like to support our local community and clients, we have included links to websites that may be of interest: