Scottish Budget 2020/21

Feb 17, 2020

The Minister for Public Finance and Digital Economy, presented the Scottish Draft Budget 2020/21 on 6 February 2020.

No changes were made to the rates of income tax, however inflationary rises are proposed to the basic and intermediate rate thresholds. In respect of Scotland’s Land and Buildings Transaction Tax, a new 2 percent band was introduced on non-residential leases entered into from 7 February 2020 where net present value of rental income exceeds £2 million.

The Scottish Government and Revenue Scotland, the body responsible for the collection and management of Scotland’s devolved taxes, have also published “Working together on tax”. This sets out the basis on which the Government and tax authority work together to develop and maintain the devolved tax system, and supplements the detailed framework document concerning the governance, financing and operations of Revenue Scotland.