Murray Beith Murray LLP is a leading Scottish private client law firm.
For 175 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.
Murray Beith Murray LLP is a leading Scottish private client law firm.
For 175 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.
Murray Beith Murray LLP Senior Tax Assistant, Judith Smith looks at key points from the Scottish Budget 2024.
The Scottish Finance Secretary, Shona Robison, delivered her tax and spending plans for 2025/26 to Parliament yesterday. As expected, there are limited changes to report.
Income tax changes were limited to a modest increase to the rate thresholds for those paying tax at 19% and 20%. From 6 April 2025 the starting rate threshold (the point at which 20% tax kicks in) has increased to £15,398, with a similar increase to the basic rate band (the point that 21% tax rate begins) raising this limit to £27,491. One further announcement to note is the freezing of the tax rates themselves until 2026.
For those purchasing residential property, Additional Dwelling Supplement will increase from 6% to 8% with effect from 5 December 2024. This is added to any LBTT (formerly known as Stamp Duty) which may be due on the purchase of a second residential property, when an existing residential property is already owned. This increase will not, however, apply to transactions for which legal missives have been concluded on or before 4 December.
The bulk of the Scottish Government’s spending plan is to boost expenditure on the NHS, Education, Housing and Climate Change measures. A promise to expand the current EV charging network is welcome as is the support of our rural and remote communities with new funds being allocated to increase public transport services.
If this article has raised any questions or you would like to discuss your affairs with our specialist lawyers or tax advisors then please complete our contact form or call 0131 225 1200.
Murray Beith Murray LLP is a private client practice, made up of specialist lawyers from a variety of legal disciplines, including experts in asset protection and estate planning. The firm was established in 1849, as advisors for generations of clients, committed to our values of integrity, expertise and trust. This aim and these values continue to this day as does our commitment to be here when you need us.
