PQ magazine is for part qualified accountants.
Read the latest web issue here – if you like what you see sign up today
Scottish Budget sees tax rises for some
14 December 2017
Finance Secretary Derek Mackay has introduced a new intermediate rate of 21p for those earning between £24,000 and £44,290 in his Scottish draft budget for 2018-19.
A new Scottish starter rate will also be introduced, meaning those who earn between £11,850 and £13,850 will pay tax at 19%.
The higher and additional tax rates have also been increased by a penny to 41p and 46p respectively.
Mackay explained that the changes mean those earning below £26,000 will pay a little less tax then elsewhere in the UK. There will be no change for those earbning less than £33,000.
The big news is the 3% increase in public sector pay for those earning less than £30,000. Those earning over this thresholds will be given a 2% increase. There is, however, a cap of £1,600 on any pay increases for those earning over £80,000 in the public sector.
Subscribe to RSS