Scottish Budget – As You Were!
Perhaps the Scottish Government had other things on its mind when the Public Finance Minister, Kate Forbes, delivered the Scottish Budget. Other than a nominal inflationary adjustment to the thresholds for the starter rate, basic rate and intermediate bands for 2020/21, there was little to excite the Scottish tax payer. As expected, higher and top rates were frozen.
It will be interesting to see what changes might ensue if the UK Budget raises the basic rate banding in the rest of the UK, given that there is already a disparity. Whilst the Scottish Budget was largely a damp squib, overshadowed by other events, we expect the UK Budget to be far more radical and wide ranging as is common for the first Budget of a new Parliament.
With Capital Gains Tax and Inheritance Tax predicted to be the focus, our Taxperts will of course be on hand to guide you through the changes and what they mean for you, your business and your family.
Our annual Budget Summary will be available shortly after the UK Budget on 11 March.