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Scottish Budget 2019/20

News/Press Tax

Murray Beith Murray

Wednesday, 12 December 2018

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Murray Beith Murray The Main Points So far…

As the Scottish Budget 2019/20 unfolds, we can report that the Finance Secretary, Derek Mackay has announced that:

Income tax rates will remain the same as last year; 19%, 20%, 21%,41% and 46%
But the starter and lower rate thresholds will be increased by inflation, protecting the lowest earners
The higher rate threshold of tax will be frozen; meaning anyone earning between £43,430 and £150,000 will pay 41% tax on income above this threshold. The higher rate threshold for the rest of the UK is set to rise to £50,000 from 6 April 2019, with income between £50,000 and £150,000, assessable to income tax at 40%
A cut in commercial building transaction tax but,
A higher transaction tax on second homes, the Additional Dwelling Supplement will increase from 3% to 4% from 25 January 2019
Business rates not increasing by inflation, but will increase by 2.1%

Personal Tax Practitioners, Edinburgh

If you wish to discuss any of these announcements or any other matter call us on 0131 225 1200 or complete our contact form.

At Murray Beith Murray, we are more than just tax practitioners - we are trusted advisors. We are dedicated to helping our clients solve problems and preserve their wealth. Our highly personal service reflects our culture, which is centred on integrity, trust and expertise, and the guidance we provide has been designed to be an investment, not an expense.

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