01 February 2019
Despite rhetoric that the draft Scottish Budget might be voted down today, the SNP and the Greens have done a last-minute deal to get the draft fiscal plans through with some concessions.
14 September 2018
It is now more than three years since land and buildings transaction tax (LBTT) was introduced in Scotland to replace stamp duty land tax (SDLT). Prior to its introduction on 1 April 2015, the structure and rates of the tax were published in November 2014. This encouraged a review of SDLT and significant changes were introduced in the rest of the UK in December 2014. The impact these changes have made south of the border has been widely reported.
20 July 2018
The UK government has announced it will compensate military personnel who now pay more tax due to Scottish tax reform. Changes to tax rates in Scotland which came into effect in April 2018 means any Scottish taxpayer earning more than £26,000 pays more income tax than taxpayers in the rest of the UK.
16 February 2018
The Scottish Budget issued on 14 December 2017 proposed some radical changes to the income tax regime for Scottish taxpayers from 6 April 2018. While attention has been focussed on the implications for individuals on the receiving end of potential tax increases that raise the tax take from Scottish income tax, the knock-on effects for business across the UK cannot be underestimated.
15 December 2017
The Scottish government has announced new progressive tax reform north of the border, but who are the winners and losers?
27 June 2017
Despite good intentions, sometimes policy decisions intended to do one thing end up having the opposite effect. The Land and Buildings Transaction Tax in Scotland aimed to stimulate the property market, but recent statistics highlight a decline in sales, particularly in the middle of the housing market. Will a fall in sales and reduced tax revenue force changes to the tax?
07 June 2017
This week Scottish voters will be asked to vote on another major decision for the country in the general election on Thursday. Tax has been the traditional battleground for the hearts and minds of voters, but now that the Scottish Parliament has control over the rates of income tax and the bands in which it applies, this debate has taken on a slightly different complexion in this general election. So has this affected the manifestos pledges?
09 May 2017
Those with a reward current account will probably have received a tax deduction certificate showing that the reward payment has had basic rate tax deducted at source. Such payments are not considered as interest and therefore do not benefit from the Personal Savings Allowance (PSA). If you are a non-taxpayer, you can recover the basic rate tax deducted but for those within the higher and additional rate bands, the reward payment and the tax paid should be included on your tax return. Does the UK tax system really need to be this complicated?
09 March 2017
From 6 April the full impact of devolved income tax in Scotland will be felt for the first time. The higher rate threshold will be frozen at £43,000 in Scotland while increasing to £45,000 in the rest of the UK. Scottish taxpayers will be faced with higher tax bills where they have earnings, pension and rental income in that range.
21 February 2017
Today’s historic vote in Holyrood on setting separate Scottish income tax rates and bands adds yet further complexity to an already complex UK tax code.