Scottish Budget

The Scottish Budget took place yesterday, 28 January. The main taxation changes are outlined below.

The Scottish Parliament has the power to set Income Tax rates and bands for the non savings non dividend (NSND) income of Scottish taxpayers, with the revenue received coming to the Scottish Government. However, responsibility for defining the Income Tax base, which includes the setting or changing of Income Tax reliefs and exemptions, and the tax-free Personal Allowance, remains reserved to the UK Parliament. Income Tax on savings and dividends is also reserved, and continues to be paid to the UK Government.

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