[Politics] What income taxes will you pay in Scotland?

[BoyKa]

New tax rates have come into effect in Scotland.

On 6 April, both the higher and top rates of income tax increased by 1p, rising to 42p and 47p respectively.

While the threshold for the 42p tax rate is frozen, all Scots earning £125,140 a year or more will now pay the very top rate of income tax.

Announced in December's Budget and passed by MSPs earlier this year, ministers said the changes would raise an extra £129 million in 2023-24.

ADVERTISEMENT

Higher earners in Scotland to pay more income tax
What might you be paying in income tax next year?
Deputy First Minister Shona Robison said: "The decisions we have made on income tax are fair and progressive by ensuring that those who can, contribute more.

"They strengthen our social contract with the people of Scotland who will continue to enjoy many benefits not available in the rest of the UK such as free prescriptions."

Ms Robison said the revenue raised will allow the Scottish government to invest additional funds into public services on top of money received from Westminster.

She continued: "At the same time, the majority of taxpayers in Scotland will still be paying less income tax than if they lived in the rest of the UK."

The deputy first minister also urged Scots to check their tax code on their first payslip of the new financial year.

"If you think your tax code is wrong, you can check your details with HMRC who will be able to help," she added.

link: https://www.bbc.com/news/uk-scotland-65197110