Scottish Budget revealed
21 December 2022
The Scottish Budget has been presented to the Scottish government today after the session was suspended for half an hour while investigations into potential leaks were held. The BBC published details of the Budget prior to the announcement, which prompted opposition members to call for an investigation.
We were not interested in leaks or speculation, so, here are the key announcements from the budget for UK payroll professionals:
- higher rate of tax increased from 41p to 42p
- top rate of tax increased from 46p to 47p
- top rate threshold reduced to £125,140.
Additional tax generated from tax rates uplift will be used to fund NHS operations.
Other announcements include:
- increasing the second homes element of land and buildings tax from 4% to 6%
- increased funding for local governments
- child payment remaining at £25
- benefits under Scottish control uprated by 10.1%.
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