Tax

New figures have revealed a dramatic increase in the number of UK taxpayers facing a 60% tax rate on a portion of their earnings. Data obtained through a freedom of information request to HM Revenue & Customs shows that an estimated 634,000 individuals fell into this bracket in 2023-24, a 45% su

Scottish Financial Enterprise (SFE) has called on the Scottish Government to reverse its diverging income tax policy, warning that it is harming the economy. The financial and professional services industry organisation welcomed the Scottish Government’s focus on economic growth but urged mini

Scottish businesses planning to treat their staff to a festive party this Christmas are being cautioned to avoid exceeding the £150 per person tax exemption limit. Mark Pryce, head of corporate tax in Scotland for Azets, has warned that it is easy to fall foul of the legislation regarding exem

Chancellor Rachel Reeves has confirmed a rise in capital gains tax (CGT) and employers' national insurance contributions (NIC) in today's Autumn Budget statement.

Chancellor Rachel Reeves is expected to increase capital gains tax (CGT) on the sale of shares and other assets, but will leave the rate on second homes and buy-to-let properties unchanged.

Increasing capital gains tax (CGT) will not lead to lower investment, slower growth or reduced entrepreneurship, according to analysis from the Institute for Public Policy Research (IPPR). Despite recent claims in the media by a few wealthy individuals, the think tank has consulted with several mill

With budget pressures rising, could the Chancellor sweeten the deal by adding VAT to some guilty pleasures? From cakes to caviar, here are three tempting tax ideas that could bring in revenue – without leaving too much of a bitter aftertaste. MHA VAT director Glyn Edwards, with a pinch of dry

An Aberdeen tax expert has warned that potential drastic changes to Inheritance Tax (IHT) and Capital Gains Tax (CGT) as part of Labour’s Autumn Budget could stifle wealth creation and cost the Treasury more than it hopes to generate. The upcoming Budget on 30 October, the first of the new Lab

Amid speculation of an impending capital gains tax (CGT) hike in the upcoming Autumn Budget, Scottish business owners have accelerated sales and merger negotiations to finalise deals before any potential changes take effect, according to Lindsays. Chancellor Rachel Reeves has so far refused to rule

A new Scottish tax aimed at encouraging the use of recycled materials in construction has been approved unanimously by the Scottish Parliament. The Aggregates Tax and Devolved Taxes Administration (Scotland) Bill will replace the UK Aggregates Levy and tax the sale or use of aggregates consisting of

Time is running out for the vast majority of high net worth individuals (HNWI) in Scotland wanting to pass on their wealth as they put inheritance planning on the back burner, according to new research from Rathbones. A third (31%) of HNWIs in Scotland want to pass on wealth but have put no plans in

Tax specialists at Henderson Loggie are encouraging Scotland’s cultural community to capitalise on available tax reliefs, having witnessed the significant impact these can have on the sustainability of organisations, their long-term planning capabilities, and their broader community influence.

Accountancy firm Wbg is advising operators to get their house in order before the forthcoming abolition of the furnished holiday lettings (FHL) tax regime. The abolition removes the specific tax treatment and separate reporting requirements for FHLs, so that income and gains from an FHL will then fo

More than half of Scottish businesses (57%) have experienced little to no impact from the Scottish Government's income tax policy, while 34% have felt the effects more sharply, according to the Fraser of Allander Institute. The institute's Scottish Business Monitor (SBM) for Q2 2024, conducted in Ma

Henderson Loggie is calling on the UK government to provide businesses with a clear and comprehensive tax roadmap in the forthcoming budget. As Scotland’s businesses face ongoing economic uncertainty, the lack of long-term tax clarity could hinder strategic planning and investment, according t