Scottish budget 2017.

15th December 2017

The Scottish Government has set out its spending and taxation plans for 2018 in its annual budget.

Please see some of the proposed changes to income tax below;

*Assumes individuals are in receipt of the Standard UK Personal Allowance.

**Those earning more than £100,000 will see their Personal Allowance reduced by £1 for every £2 earned over £100,000.

Paul Morton, Investment Planning Director, my wealth, comments;

“These changes could have a real impact on the finances of individuals based in Scotland. I am in no doubt that after these announcements there could be confusion. This highlights the importance of getting financial advice, especially when considering how tax relief is calculated for those funding their pension. The reduction in the Starter Band rate to 19% may be welcome for lower earners but this will also have a correspondingly negative impact for those funding their pension via salary sacrifice.”