The Scottish Budget 2024-2025 was presented to the Scottish Parliament on Tuesday 19th December 2023.
The Finance Minister Shona Robison confirmed that a new 45% tax band will be created for higher earners, she said the new “advanced” rate would apply to earnings of between £75,000 and £125,140. She also said they would increase the top rate – for those over £125,140 by 1p to 48p in the pound.
There are no changes to tax rates for starter (19%), basic (20%), intermediate (21%) and higher (42%).
The bands for the starter and basic rate will be increased by inflation, butthe threshold for paying the higher rate tax (42%) is to be kept at £43,662.
**Those earning more than £100,000 will see their Personal Allowance reduced by £1 for every £2 earned over £100,000.
The Scottish Parliament information can be found at:
Scottish Income Tax 2024-25: factsheet
Scottish Rate Resolution 2024-25
The Scottish Parliament held its Budget on 19th December 2023 and announced changes to Scottish Tax operational from 6th April 2024:
The latest legislation update 2024 including the Scottish and Welsh bands and rates have been updated as version 24.5 and onward. This can be found at:
PAYadvice.UK 19/12/2023 updated 22/12/2023.