Post by Fletchsmile on Dec 20, 2017 21:05:24 GMT 7
Scottish government overhauls income tax - what does it mean for pensions?
Over the last few years, the Scottish government has been given increasingly wide-ranging powers over setting their own income tax rates and bands.
Yesterday, they made full use of these powers for the first time and proposed a number of changes to income tax.
What’s changing?
From 6 April 2018, it’s proposed there will be five tax bands for Scottish taxpayers.
Scotland’s finance secretary, Derek Mackay, said the change will mean those earning under £33,000 in Scotland will pay less tax.
Higher earners in Scotland will pay more tax than the rest of the UK, with the higher tax rate rising from 40% to 41%, and the top rate from 45% to 46%.
contd...
www.hl.co.uk/news/articles/scottish-government-overhauls-income-tax-what-does-it-mean-for-pensions
Over the last few years, the Scottish government has been given increasingly wide-ranging powers over setting their own income tax rates and bands.
Yesterday, they made full use of these powers for the first time and proposed a number of changes to income tax.
What’s changing?
From 6 April 2018, it’s proposed there will be five tax bands for Scottish taxpayers.
Scotland’s finance secretary, Derek Mackay, said the change will mean those earning under £33,000 in Scotland will pay less tax.
Higher earners in Scotland will pay more tax than the rest of the UK, with the higher tax rate rising from 40% to 41%, and the top rate from 45% to 46%.
contd...
www.hl.co.uk/news/articles/scottish-government-overhauls-income-tax-what-does-it-mean-for-pensions
