{"id":44324,"date":"2023-12-19T15:59:01","date_gmt":"2023-12-19T15:59:01","guid":{"rendered":"https:\/\/histarmar.net\/?p=44324"},"modified":"2023-12-19T15:59:01","modified_gmt":"2023-12-19T15:59:01","slug":"new-45-income-tax-band-announced-in-scotland-for-those-earning-over-75000","status":"publish","type":"post","link":"https:\/\/histarmar.net\/world-news\/new-45-income-tax-band-announced-in-scotland-for-those-earning-over-75000\/","title":{"rendered":"New 45% income tax band announced in Scotland for those earning over \u00a375,000"},"content":{"rendered":"<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/23\/590x\/secondary\/income-tax-5123224.jpg?r=1702999893226\"><\/p>\n<p>The Scottish government is reportedly considering introducing a new tax level in a bid to plug a gap in its budget.<\/p>\n<p>The new tax band will impact those earning more than \u00a375,000 a year<\/p>\n<p>The Fraser of Allander Institute (FAI) said the funding shortfall was around \u00a31.5billion, between day-to-day spending commitments and capital projects.<\/p>\n<p>But the group said adding a new 45 percent tax band for earnings over \u00a375,000 would only raise around \u00a360million for spending.<\/p>\n<p>The highest rate levied on people earning more than \u00a3125,140 a year, will rise by one percent in 2024 to 48 percent.<\/p>\n<p>The three lowest tax rates will not be raised, while the starter and basic bands will rise in line with inflation.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/23\/590x\/secondary\/flag-5123227.jpg?r=1702999893281\"><\/p>\n<p>Finance Secretary Shona Robison confirmed the move as she unveiled the government&#8217;s budget for next year.<\/p>\n<p>The changes mean Scotland will have six income tax bands while the rest of the UK has three.<\/p>\n<p>Higher earners in Scotland will subsequently be paying more than other parts of the country.<\/p>\n<p>Scotland now has six tax bands:<\/p>\n<ul>\n<li>Starter rate (19 percent) \u00a312,571 &#8211; \u00a314,876<\/li>\n<li>Basic rate (20 percent) \u00a314,877 &#8211; \u00a326,561<\/li>\n<li>Intermediate rate (21 percent) \u00a326,562 &#8211; \u00a343,662<\/li>\n<li>Higher rate (42 percent) \u00a343,663 &#8211; \u00a375,000<\/li>\n<li>Advanced rate (45 percent) \u00a375,001 &#8211; \u00a3125,140<\/li>\n<li>Top rate (48 percent) Above \u00a3125,140<\/li>\n<\/ul>\n<p> <strong> Don&#8217;t miss&#8230; <\/strong> <br \/> <strong>SNP blasted after Scottish Budget confirms huge tax hike for those on \u00a370,000[LATEST] <\/strong> <br \/> <strong>Brits could be hit by &#8216;\u00a3180 energy bill hike&#8217; after Scotland-England bottleneck[LATEST] <\/strong> <br \/> <strong>The prettiest city in the UK is packed with landmarks[LATEST] <\/strong><\/p>\n<p>The finance secretary also confirmed the current thresholds for the higher and top bands &#8211; \u00a343,663 and \u00a3125,140 respectively &#8211; would be frozen instead of rising with inflation.<\/p>\n<p>She said this would generate an extra \u00a3307million through more people finding themselves in higher tax bands after being given pay rises.<\/p>\n<p>Ms Robinson said: \u201cThat\u2019s why I will fund an above inflation five per cent council tax freeze \u2013 delivering over \u00a3140million of additional investment for local services.<\/p>\n<ul>\n<li> <svg width=\"24\" height=\"24\" viewbox=\"0 0 24 24\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"> <g clip-path=\"url(#clip0_1078_5986)\"> <\/path> <\/path> <\/g> <defs> <clippath> <rect width=\"23.4329\" height=\"23.4329\" fill=\"white\" transform=\"translate(0 0.134262)\"><\/rect> <\/clippath> <\/defs> <\/svg> Support fearless journalism<\/li>\n<li> <svg width=\"24\" height=\"24\" viewbox=\"0 0 24 24\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"> <g clip-path=\"url(#clip0_1078_5986)\"> <\/path> <\/path> <\/g> <defs> <clippath> <rect width=\"23.4329\" height=\"23.4329\" fill=\"white\" transform=\"translate(0 0.134262)\"><\/rect> <\/clippath> <\/defs> <\/svg> Read The Daily Express online, advert free<\/li>\n<li> <svg width=\"24\" height=\"24\" viewbox=\"0 0 24 24\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"> <g clip-path=\"url(#clip0_1078_5986)\"> <\/path> <\/path> <\/g> <defs> <clippath> <rect width=\"23.4329\" height=\"23.4329\" fill=\"white\" transform=\"translate(0 0.134262)\"><\/rect> <\/clippath> <\/defs> <\/svg> Get super-fast page loading<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cdn.images.express.co.uk\/img\/logo\/logo-premium-subscription.png\"><\/p>\n<p>\u201cCombined with the other support being provided to local government, this will increase their overall funding by six percent since the last budget, taking local government funding to a new record high of over \u00a314billion.\u201d<\/p>\n<p>Prior to today\u2019s announcement, there was widespread speculation that the SNP-led Scottish Government would introduce a new tax band.<\/p>\n<p>The implementation of this rate comes as both Governments in Westminster and Holyrood attempt to address a huge squeeze in public finances.<\/p>\n<p>Source: <a href=\"https:\/\/www.express.co.uk\/finance\/personalfinance\/1847280\/scotland-new-income-tax-band-high\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Scottish government is reportedly considering introducing a new tax level in a bid to plug a gap in its budget. The new tax band will impact those earning more<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New 45% income tax band announced in Scotland for those earning over \u00a375,000 - histarmar<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/histarmar.net\/world-news\/new-45-income-tax-band-announced-in-scotland-for-those-earning-over-75000\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New 45% income tax band announced in Scotland for those earning over \u00a375,000 - histarmar\" \/>\n<meta property=\"og:description\" content=\"The Scottish government is reportedly considering introducing a new tax level in a bid to plug a gap in its budget. 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