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ARTICLE · 03 OCTOBER 2022

The Mini-Budget, A Scottish Perspective

Shepherd and Wedderburn
Shepherd and Wedderburn
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On 23 September, the new Chancellor announced the Government's ‘Growth Plan'. As part of the measures, which aim to ‘release the huge potential in the British economy by tackling high energy costs...

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Claire McCarte
Claire McCarte
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On 23 September, the new Chancellor announced the Government's 'Growth Plan'. As part of the measures, which aim to 'release the huge potential in the British economy by tackling high energy costs and inflation and delivering higher productivity and wages', the Chancellor announced changes on personal taxation. In this note we explore some of these changes and how personal taxation in Scotland will compare with the rest of the UK as a result.

Changes to Income Tax rates

The basic rate of income tax which applies to non-savings, non-dividend income in England, Wales and Northern Ireland) is to be cut from 20% to 19% a year earlier than planned, from April 2023.

On average, basic rate taxpayers will save £130 and higher rate tax payers will save £360 in the 2023/24 tax year. Top rate taxpayers will also now benefit from the personal savings allowance of £500, from which they are currently excluded.

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