Scottish Budget - History is Made

Dunfermline based M&S Accountancy have highlighted one of the changes made in this year's Scottish Budget. Changes were announced that will result in Scottish taxpayers paying more tax than the rest of the UK.

Finance Secretary, Derek Mackay, confirmed that starting from April 2017, the threshold at which an individual will begin to pay higher rate tax will be £43,430 as opposed to £45,000 in the rest of the UK. This means that Scottish higher rate taxpayers will pay an extra £322 per annum from next April.

This difference is only expected to increase as the UK Government plans to increase the higher rate threshold to £50,000 by 2020 compare to the Scottish Government's plans of raising the threshold to only £45,997.

No other significant announcements were made in relation to tax.

If you are unsure as to whether you are a Scottish taxpayer or not, please refer to our previous article "Who Will Be A Scottish Taxypayer"