Scottish Draft Budget 2016/17

Scottish Draft Budget 2016/17

The Scottish Finance Secretary, John Swinney, presented his draft budget to the Scottish Parliament on 16 December 2015.

Contact

Contact

Also on KPMG.com

Scottish draft budget

Key highlights:

  • Businesses – Scottish Landfill tax increases in line with UK Landfill Tax; no changes to Land and Buildings Transaction Tax (LBTT) on non-residential property
  • Employers – HM Revenue & Customs will issue PAYE codes to employers that identify ‘Scottish taxpayers’
  • Individuals – ‘Scottish taxpayers’ will pay income tax at the same rates as other UK taxpayers in 2016/17; surcharge to be levied on second residential properties similar to the additional Stamp Duty Land Tax charge to be introduced in the rest of the UK
  • Key rates – Scottish Rate of Income Tax used to calculated the Scottish basic, higher, and additional rates of income tax to be set at 10 percentage points; 3% LBTT surcharge to apply to total consideration paid for second residential properties worth more than £40,000”

Tax

Stay competitive and compliant with tax advice for both corporate and individual taxpayers.

 
Read more

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

Connect with us

 

Request for proposal

 

Submit

KPMG’s new-look website

KPMG’s new-look website