Click button to open menu

Finance Secretary for Scotland outlines tax plans in Scottish Budget

13 Dec 2018

In his draft Budget, Derek Mackay, the Finance Secretary for Scotland, outlined his plans for Scottish taxation and spending.

Mr Mackay stated that he will 'not pass on' a tax break for higher earners, which was announced by Chancellor Philip Hammond in the UK government's Autumn Budget.

The Finance Secretary used the Budget to confirm that the Scottish higher rate income tax threshold will be frozen in 2019-20. Meanwhile, the starter and basic rate thresholds will increase by inflation, in order to 'protect the lowest and middle-earning' Scottish taxpayers.

Mr Mackay also made changes to Scotland's Land and Buildings Transaction Tax (LBTT) system by announcing an increase in the Additional Dwelling Supplement (ADS) rate from 3% to 4%.

Commenting on the Scottish Budget announcements made by Mr Mackay, Tracy Black, Director of the Confederation of British Industry in Scotland (CBI Scotland), said: 'Against a backdrop of Brexit uncertainty, and the fact that no deal remains a live concern, the Scottish government faces tough choices ahead.

'We welcome the fact that the Finance Secretary has listened to CBI Scotland and other stakeholders on business rates, scrapping the unhelpful out-of-town levy, capping the poundage rate and confirming the switch from RPI to CPI for the duration of this Parliament.'

Registered to carry out work in England and Wales and regulated for a range of investment business activities by the Institute of Chartered Accountants in England & Wales.

Details about our audit registration can be viewed at www.auditregister.org.uk for the UK under reference number C006856925

Home | Contact us | Accessibility | Disclaimer | Help | Site map |

© 2024 Greenaway Chartered Accountants. All rights reserved.

Greenaway Chartered Accountants, 150 High Street, Sevenoaks, Kent TN13 1XE

We use cookies on this website, you can find more information about cookies here.