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New Scottish tax sparks petition to recall powers

Newsletter issue – June 2024

If you’re a Scottish resident, you’re no doubt aware that from April a whole new band of tax has taken effect.

The new Advanced Income Tax band , coming in at a 45% rate , applies on annual income between £75,000 and £125,140. An additional 1p has also been added to the Top Rate of tax . It’s gone up from 47% to 48% for income over £125,140 .  

The move, unsurprisingly, is not universally popular and it has triggered a new petition on the Government website to strip the Scottish Parliament of its powers to change income tax rates. Nearly 13,000 have signed so far.  

Tax-altering powers were given to the Scottish Parliament as part of the Scotland Act 2012. But the campaign calls for change, which would bring tax in line with the rest of the UK and set by the British Parliament in Westminster.  

Of course, with the General Election for the British Parliament in Westminster now set for 4 July, tax legislation is even more in the spotlight. Though elections for the Scottish Parliament are not happening at the same time, with the next set to take place in 2026.  

The petition has already garnered enough support to mean it will receive an official government response, and if it reaches 100,000 would be considered for debate in the House of Commons.   

If you’re a Scottish resident or business owner or you’re looking to relocate to Scotland and need help to understand the tax implications, do drop us a line.  

What our clients say about us...

  • "Paul has provided accountancy services to my company for 2 years now. I can recommend Paul very highly; his skills as an accountant are highly detailed and professional and he is always available to provide advice. One aspect of the way Paul works that I greatly appreciate is a preference to meet face to face when there is a detailed conversation to be had. I personally find this more productive and is a benefit of working with a small accountancy firm that you wouldn't get with the large faceless providers."

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Booth & Co  |   The Hermitage  |   15a Shenfield Road  |   Brentwood  |   Essex  |   CM15 8AG        Telephone: 01277 224666    |   Email: info@boothandco.co.uk