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December 17th 2018

Scottish Budget 2018

Here are the key points from the Scottish Budget speech on 12 December 2018:

  • £50m capital fund to support Scotland's town centres
  • No out-of-town levy at this stage (will be kept under review)
  • Increase in business rates in Scotland in 2019/ 20 capped at 2.1%
  • Changes to non-residential Land & Buildings Transaction Tax proposed, which (it is suggested) will result in lower LBTT charges than at present in 2/3rds of future non-residential transactions
  • Tourist tax ruled out
  • Higher rate income tax threshold frozen at £43,430 (the rest of the UK will see this rise to £50,000 from next April, widening the tax disparity for high earners between Scottish taxpayers and everyone else)
  • Scottish income tax rates unchanged
  • Public sector pay: 3% pay rise in 2019/20 for those earning under £36,500; increases for those earning over £80,000 capped at £1,600
  • Upward revision to GDP forecasts for Scotland; 1.4% projected for 2018, 1.2% for 2019.

The Budget Bill will be debated in Parliament in the new year; further changes may follow before it is enacted.

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