Changes to Scottish Income Tax rates 2024-25
18/04/2024

A reminder of the changes to Scottish Income Tax rates for the 2024-25 tax year. It was announced as part of the Scottish Budget measures that a new tax band called the advanced rate band will apply a 45% tax rate on annual income between £75,000 and £125,140 and would come into effect from 6 April 2024. 

In addition, 1p was added to the top rate of tax and the starter and basic rate bands were increased in line with inflation (6.7%, based on Consumer Price Index from September 2023). There were no changes to the Starter, Basic, Intermediate and Higher tax rates and the Higher rate threshold was maintained at £43,662. The measures are expected to raise an additional £1.5 billion in Income Tax revenue.

The Scottish rates and bands for 2024-25 are as follows:

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% Above £125,140

The standard personal allowance for 2024-25 remains frozen at £12,570. 


Membership

      

Contact Us

Prosper Bailey Accountancy Ltd
Office 56, Bank Farm Buildings, Chester Road
Aldford
Chester
CH3 6HJ
01244 421206
enquiries@prosperbailey.com
www.prosperbaileyaccountants.com

JUMP TO TOP
We use cookies

We use cookies on our website. Some of them are essential for the operation of the site, while others help us to improve this site and the user experience (tracking cookies). You can decide for yourself whether you want to allow cookies or not. Please note that if you reject them, you may not be able to use all the functionalities of the site.