Scottish Budget webinar: Friday 16 December
InsightsThe Chancellors Budget and Forecast StatementsAutumn Statement 2022: Our expert analysis
Scottish Budget webinar: Friday 16 December
In November’s Autumn Statement the UK Chancellor announced significant changes to the UK tax system across the spectrum.
On the business side, amendments to the corporation tax rate and research and development regime will apply UK wide. From a personal perspective, the reduction to the CGT exemption and dividend allowance, as well as freezes to both NIC thresholds and the IHT nil rate band, will apply in Scotland.
However, the headline-grabbing reduction to the Additional Rate band will generally not impact Scottish taxpayers unless similar measures are introduced north of the border. Given the scale of this change, we expected the Scottish Government to consider amending the corresponding ‘Top Rate’ that applies to earned income in Scotland.
On Thursday 15 December, Scotland’s Acting Finance Secretary, John Swinney, delivered the Scottish Budget knowing he had limited financial wiggle room but undoubtably keen to retain Scotland’s more ‘progressive’ approach to income taxation.
Watch our Scottish Budget webinar
During our webinar on Friday 16 December, our panel of experts, including Scottish Tax Partner, Liz Ritchie and our Chief Economist, George Lagarias, discussed the announcements made during the budget and what these meant for you.
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