2024-25 edition of ICAS Guide to Scottish Taxes published
By Justine Riccomini, Head of Tax (Employment and Devolved Taxes)
3 December 2024
Head of Devolved and Employment Taxes, Justine Riccomini, explains what readers will find in the latest edition of the ICAS Guide to Scottish Taxes.
We have published a revised Guide to Scottish Taxes, building on the legislation in place prior to March 2024. The guide includes items introduced between March and November 2024 (excluding the Scottish Budget of 4 December 2024) and sets out the six income tax rates and bands that are in place for Scottish taxpayers in 2024/25.
Scotland’s taxes are increasingly diverging from the rest of the UK, and there are practical and administrative considerations that taxpayers, tax advisers, and the accounting profession need to be aware of.
The guide discusses:
- The background to Scottish taxes
- Public finances in Scotland
- Which tax authority is responsible for which tax
- A brief outline of each Scottish tax, including forecast yield from each of the taxes
- National and local taxes, as well as new and forthcoming taxes.
Income Tax Bands | 2024-25* £ |
|---|---|
Starter Rate – 19% | 12,571--14,876 |
Basic Rate – 20% | 14,877 – 26,561 |
Intermediate rate – 21% | 26,562 – 43,662 |
Higher Rate – 42% | 43,663 – 75,000 |
Advanced Rate - 45% | 75,001 – 125,140** |
Top Rate – 48% | Over £150,000** |
*Where an individual is entitled to the standard UK Personal Allowance.
**As with the rest of the UK, those with earnings exceeding £100,000 will suffer a Personal Allowance reduction of £1 for every £2 earned over £100,000. Therefore, when income reaches £125,140 the personal allowance is fully withdrawn.
