Scottish Tax Bands 2017/18-

    Simpson Wood
    17th January 2017
    Home » Categories » Tax » Scottish Tax Bands 2017/18-

    On 15 December, Finance Secretary Derek Mackay delivered the 2017/18 Scottish Draft Budget setting out the Scottish Government’s financial and tax plans.

    For 2017/18, the Scottish Government is proposing to freeze the Scottish basic rate of income tax at 20% and also to freeze the Scottish higher and Scottish additional rates at 40% and 45% respectively. In addition, the higher rate income tax threshold will increase by inflation to £43,430 in 2017/18. The Scottish Government also confirmed that the higher rate income tax threshold will increase by a maximum of inflation in all future years of this Parliament.

    The Scottish Government has therefore not followed the UK Government’s plans to extend the threshold for paying the higher rate level of income tax of 40% from £43,000 to £45,000 for 2017/18. This means that a Scottish higher rate taxpayer will pay £314 more tax in 2017/18 than a UK higher rate taxpayer, being £1,570 at the marginal rate of 20% (40% – 20%).

    Internet link: Scottish Draft Budget 2017/18

    Need Some Advice?

    Looking for some help or a little advice?

    Call today on 01484 534431 or fill in our enquiry form below, and we’ll call you back.

    Autumn Statement Summary 2023

    The Chancellor, Jeremy Hunt, delivered his Autumn Statement on Wednesday 22 November. Our summary boils his 110 different proposals down to a concise report of the key points. The Autumn…

    Latest guidance for employers

    HMRC has published the latest issue of the Employer Bulletin. The October issue has information on various topics, including: Please contact us for help with tax matters. Internet link: Employer Bulletin

    Hybrid and remote working here to stay

    A large majority of UK business leaders plan to offer employees remote and hybrid working in the long-term, according to the Institute of Directors (IoD). A survey conducted by the IoD…

    Many firms still facing recruitment problems

    Many UK firms are still facing hiring issues as a result of challenging economic conditions, according to a report from the British Chambers of Commerce (BCC). 73% of firms surveyed by…

    Inflation rate holds steady as UK economy grows

    The UK’s rate of inflation held steady in September while the nation’s economy grew the month before, according to the latest figures from the Office of National Statistics (ONS). The…