The Scottish Budget 2024/25 introduced a new 45% Scottish advanced rate of income tax on income between £75,001 and £125,140, which had been widely trailed in advance. More unexpectedly, the Scottish top rate of income tax was increased from 47% to 48%, widening the divergence between the Scottish and UK rates. No changes were made to the rates of land and buildings transaction tax or the 6% additional dwelling supplement, and although the poundage rate for non-domestic rates was frozen, the 75% relief for leisure and hospitality businesses was not extended.
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The Scottish Budget 2024/25 introduced a new 45% Scottish advanced rate of income tax on income between £75,001 and £125,140, which had been widely trailed in advance. More unexpectedly, the Scottish top rate of income tax was increased from 47% to 48%, widening the divergence between the Scottish and UK rates. No changes were made to the rates of land and buildings transaction tax or the 6% additional dwelling supplement, and although the poundage rate for non-domestic rates was frozen, the 75% relief for leisure and hospitality businesses was not extended.
If you are not a subscriber, subscribe now to read this content.
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