White Collar Consultants Limited

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Och Aye! How much tax will you pay?

29/10/2015

The Scottish plans to have an independent rate of income tax was introduced within the “Scotland Act 2012.”

Depending on the levels decided by the Scottish Parliament, taxpayers residing in Scotland may find they must pay a different level of income tax to the rest of the UK.

The rate does not apply to income from savings such as building society interest, or from dividends, and the collected tax will be split to fund both the Scottish and UK governments. The proposed rate is set to be announced in the 2015 Scottish budget.

It is your location of residence that determines whether you will pay the Scottish tax rate, as opposed to your place of work.
For example, if you travel to work in Newcastle each week, yet reside in Edinburgh, you will have to pay the proposed Scottish income tax rate.
Potential Scottish tax-payers will be contacted by HMRC before April 2016. It is your responsibility to notify of any change in address.

Your April 2016 tax code will begin with the letter ‘S’ to show you’re a Scottish taxpayer.

For more information, please refer to this link:

www.gov.uk/scottish-rate-income-tax

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