The Main Points So far…
As the Scottish Budget 2019/20 unfolds, we can report that the Finance Secretary, Derek Mackay has announced that:
- Income tax rates will remain the same as last year; 19%, 20%, 21%,41% and 46%
- But the starter and lower rate thresholds will be increased by inflation, protecting the lowest earners
- The higher rate threshold of tax will be frozen; meaning anyone earning between £43,430 and £150,000 will pay 41% tax on income above this threshold. The higher rate threshold for the rest of the UK is set to rise to £50,000 from 6 April 2019, with income between £50,000 and £150,000, assessable to income tax at 40%
- A cut in commercial building transaction tax but,
- A higher transaction tax on second homes, the Additional Dwelling Supplement will increase from 3% to 4% from 25 January 2019
- Business rates not increasing by inflation, but will increase by 2.1%
Personal Tax Practitioners, Edinburgh
If you wish to discuss any of these announcements or any other matter call us on 0131 341 3741 or complete our contact form.
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